Household credit hits fresh high in Q3 on rising mortgages

Korea's household credit reached a record high in the third quarter, though its growth slowed due to tighter lending regulations, central bank data showed Tuesday. Outstanding household credit had stood at 1,968.3 trillion won ($1.34 trillion) as of end-September, up 14.9 trillion won from three months earlier, according to the preliminary data from the Bank of Korea (BOK). The reading marks the highest since the BOK began compiling relevant data in 2002. It also marks the sixth consecutive quarterly increase, though the growth slowed sharply from a 25.1 trillion-won rise in the second quarter. Household credit refers to credit purchases and loans given to households by financial institutions. In detail, household loans stood at 1,845 trillion won at the end of September, up 12 trillion won from three months earlier. Of the total, mortgage lending rose 11.6 trillion won to 1,159.6 trillion won, slowing from a 14.4 trillion-won increase in the previous quarter. Credit purchases climbed 3 trillion won on-quarter to 123.3 trillion won, accelerating from a 1.5 trillion won rise in the second qWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times