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In the second quarter of this year, household debt surpassed KRW 1,800 trillion, a record high. This is due to the effect of the so-called 'young-chul' loan in subscribing to public offering shares to buy a house, and pressure to raise interest rates is expected to increase.
By Kim Jung-woo, staff reporter.
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Household credit refers to the total household debt, including loans received from banks and insurance companies, plus the amount of credit card used before payment.
At the end of the second quarter, the balance of household credit reached a record high of KRW 1805.9 trillion, an increase of more than KRW 41 trillion in three months.
Compared to a year ago, this is an increase of 168.6 trillion won, the largest increase since 2003, when statistics began to be compiled.
In particular, an increase in other loans, including credit loans, was notable.
As of the fourth quarter, mortgage loans increased by 8.5%, while other loans increased by more than KRW 75 trillion, or 12%, and the upward trend did not stop.
It seems that this is because credit loans and negative account openings have increased sharply in the aftermath of the re-spread of Corona 19, and subscriptions for public offering stocks have been rushing.
[Song Jae-chang / Head of Financial Statistics Team, Bank of Korea: Demand for other loans has increased significantly due to subscriptions for public offerings by some large companies. As Corona 19 continued, the demand for living funds continued to be affected (large).] If
this trend continues, the Bank of Korea's move to raise the base interest rate could be accelerated following the intense loan regulation announced by the government.
While the Monetary Policy Committee of the Bank of Korea is scheduled to discuss whether to raise the base rate tomorrow, a BOK official said, "If the base rate rises, it is expected that the rate of loan growth will be moderated."