First ever since household debt count exceeded 1700 trillion… Tick Tick Tick Tick Time Bomb

Song Jae-chang, head of the Bank of Korea's Economic Statistics Bureau, is giving a household credit briefing at the Haneun Samsung Main Building in Jung-gu, Seoul on the 23rd. [사진 제공 = 한국은행]

Korea’s household debt exceeded 1700 trillion won. It’s the highest ever since it was officially compiled.

According to the’Household Credit (provisional) in the fourth quarter of 2020′ announced by the Bank of Korea on the 23rd, the balance of household credit (household loans + sales credit) as of the end of December last year was 1726 trillion won, exceeding 1700 trillion won for the first time.

This is an increase of 44.2 trillion won (2.6%) from the previous quarter (end of September), and is the third largest increase since the 2003 statistics. Previously, the increase in household credit was the largest in the fourth quarter of 2016 (46 trillion KRW), followed by the third quarter of last year (44 trillion KRW).

Compared to the same period of the previous year, the household credit balance increased by 12.8 trillion won (7.9%), the largest increase since the second quarter of 2017 (130 trillion 200 billion won).

Household credit, which means total household debt, is a combination of loans borrowed from financial institutions and credits sold by credit card and installment finance companies.

The balance of household loans, which accounted for the largest portion of household credit, was 163.2 trillion won as of the end of December last year, an increase of 44.5 trillion won (2.8%) from the end of September. This is the largest increase since related statistics.

Compared to the same period of the previous year, the balance increased by 12.5 trillion won (8.3%), the largest increase since the 1st quarter of 2017.

Looking at each loan handling institution, the scale of the increase in household loans by deposit banks has expanded, centering on the increase in group loans and cheonsei loans and mortgage loans (26 trillion won in the third quarter → 28 trillion won in the fourth quarter). , Saemaul Geumgo, Mutual Savings Bank, etc.)’s increase in household loans (3.100 billion won → 6.600 billion won) has also increased.

Accordingly, the balance of household loans of deposit banks and non-bank deposit handling institutions as of the end of December of last year reached 849 trillion won and 32.3 trillion won respectively.

Household loans from other financial institutions such as insurance, pension fund, and credit-specialized institutions increased from 1.0.6 trillion won in the third quarter to 8.9 trillion won in the fourth quarter, slightly decreasing, and the balance as of the end of December was 45.6 trillion won. Showed.

Source

Share this:

Related