S. Korea's household debt drops for first time in a year in Q1

가계빚 1년 만에 줄었다… 부동산 부진•정책대출 감소 등 영향

Household debt fell in the first quarter, for the first time in a year, amid fewer housing transactions and high borrowing costs.
Our Correspondent Moon Hye-ryeon explains.

Household debt fell for the first time in a year in South Korea amid high borrowing costs and the sluggish real estate market.
According to preliminary data released by the Bank of Korea on Tuesday, outstanding household credit in the first quarter of the year fell by point-one percent – some 2-point-5 trillion Korean won or over 1-point-8 billion U.S. dollars – compared to the previous quarter.
As a result, it stood at over 1-point-3 trillion dollars by the end of March.
Household credit is an umbrella term for household debt that combines loans from banks and other financial institutions with merchandise credit, including credit card bills that have not been paid off.
This is the first time since this period last year that this figure has logged an on-quarter decline, with household credit having increased from the second quarter of last year.
Looking at household loans alone, the figure fell by around 146 million dollars on-quarter – again, logging the first on-quarter drop in a year.
And the reason behind this was seen in an increase in mortgage loans that was lower than the previous quarter.
The Bank of Korea explained that a decrease in the supply of policy loans and housing transactions around the end of last year affected housing loans in the first quarter.
It also commented on the country’s ongoing issue of household debt to GDP ratio, saying that it has seen a trend of it falling annually in 2022 and 2023, and expects the trend to continue in the first quarter of this year.
Moon Hye-ryeon, Arirang News.

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2024-05-21, 21:00 (KST)

Видео S. Korea's household debt drops for first time in a year in Q1 канала Arirang News