Is it a time bomb of 1700 trillion household debt? 5th month loan interest rate rise

As Bogeumjari Loan interest rates rose, banks’ household loan rates last month increased again from the previous month.

According to the’weighted average interest rate for financial institutions in January 2021′ announced by the Bank of Korea on the 26th, the interest rate for household loans based on the amount of new payments by deposit banks in January increased by 0.04 percentage points from the previous month to 2.83% per year, showing an increase for five consecutive months.

The interest rate for mortgage loans, which accounted for the largest share of household loans, also rose 0.04 percentage points to 2.63% per year, rising for the fifth month. The increase was the largest since November 2019 (0.09%).

Song Jae-chang, head of the financial statistics team at the Bank of Economic Statistics Bureau, said, “The increase of the Bogeumjari loan rate by 0.10% from 2.15% per year to 2.25% affected the increase in the interest rate on household loans.” Explained as a factor of.

In January, the interest rate on corporate loans fell by 0.04 percentage points from the previous month to 2.69% per year. By company, the loan interest rate for SMEs rose by 0.01 percentage point, but the rate of lending rate for large corporations declined more (0.10 percentage point).

Accordingly, the average loan interest rate of deposit banks combined with households and businesses fell by 0.02 percentage points from the previous month to 2.72% per year.

Statistics based on the amount of new treatment refers to the weighted average of the interest rate applied to the new treatment and loans handled by the bank by the new treatment amount. These statistics show the recent trend of interest rates and can be used as useful information for financial consumers who want to save at a bank or receive general loans.

According to the “Household Credit (provisional) in the fourth quarter of 2020,” announced by the BOK on the 23rd, as of the end of December last year, the balance of household credit (household loan + sales credit) exceeded 1700 trillion won for the first time at 172.71 trillion won.

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. 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.

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