South Korea’s household debt rose to a record in the third quarter as borrowing increased to finance homes and consumption.
Household credit, the sum of home loans and credit purchases, rose 13.6 trillion won ($12.5 billion) to 937.5 trillion won in the three months ended Sept. 30 from the previous quarter, the Bank of Korea said in an e-mailed statement today.
The Bank of Korea lowered its benchmark interest rate twice this year to support growth. Asia’s fourth-biggest economy grew 1.6 percent in the three months through September from a year earlier, the slowest pace since 2009.
To contact the reporter on this story: Eunkyung Seo in Seoul at email@example.com
To contact the editor responsible for this story: Paul Panckhurst at firstname.lastname@example.org