Household debt of 1,000,700 trillion won at the end of last year… The largest ever due to’debts’

【Anchorment】
At the end of last year, Korean household debt exceeded the record-high 1,000,700 trillion won.

This is because the demand to invest in real estate and stocks by receiving loans in addition to living expenses due to Corona 19 has surged.

It’s hard to beat.

【 reporter 】
According to the statistics released by the Bank of Korea, the household credit balance for the fourth quarter of 2020 was the highest since 2003, when the statistics were written, at the end of the fourth quarter of last year.

Household credit refers to’household debt’, which is the sum of loans received by households from banks, insurance companies, and lenders, plus the amount used by the card before payment.

The scale of household credit growth in the fourth quarter was 44.2 trillion won, continuing an increase following the third quarter.

Among household credits, household loans minus credit card payments reached a record high of KRW 163.2 trillion.

【Telephone interview】 Team Leader Song Jae-Chang / Bank of Korea Financial Statistics Team
“This is due to a large increase in mortgage loans due to the increase in the volume of home sales and other loans due to housing transactions, demand for stock investment, and demand for living funds due to the prolonged Corona 19.”

In fact, among household loans, mortgage loans amounted to 910 trillion won, an increase of 20 trillion won in the fourth quarter alone.

Other loans, including credit loans, also increased by 24 trillion won.

【Telephone interview】 Team Leader Song Jae-Chang / Bank of Korea Financial Statistics Team
“The financial authorities implemented a household loan management plan, including the DSR (Total Debt Principal Repayment Ratio) regulation on credit loans, on November 30, but in December it had some impact, but the overall quarter, the fourth quarter increased. There were some limitations in affecting

Looking at household loans by institution, deposit banks increased by 28.9 trillion won in the fourth quarter alone, mutual savings banks and credit unions increased by 6.6 trillion won, and insurance companies and other financial institutions increased by 8 trillion won.

The balance of sales credit, which is the amount used by the card before payment, was 95.9 trillion won in the fourth quarter, down 200 billion won from the third quarter.

South Korea explained that the amount of card use has decreased as consumption declined due to the re-proliferation of Corona 19.

This is Gyeongji Kang at TBS.

#Bank of Korea #Household Debt #Household Loans #Stocks #Household Loans

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