Household Debt Continues to Swell Despite Anti-Speculation Steps

Write : 2017-09-12 17:23:32 Update : 2017-09-13 08:17:19

Household Debt Continues to Swell Despite Anti-Speculation Steps

Household loans in Korea by all financial institutions swelled eight-point-eight trillion won in August despite the government's measures to curb housing speculation.
According to data from the Financial Services Commission on Tuesday, the growth surpassed the monthly average expansion of seven-point-three trillion won for the first eight months of this year.
Although the real estate stabilization measures announced August second have made it more difficult to get mortgages for purchasing homes in Seoul and some other areas deemed speculative, growth in household debt isn't showing signs of a significant slowdown. 
Nevertheless, the increase in household loans has narrowed from nine-point-five trillion won in July and 14-point-three trillion won in August of last year. 
The Bank of Korea says the amount of outstanding household loans by banks stood at 744-point-two trillion won at the end of last month, up six-point-five trillion won on month. 

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