The nation's household credit exceeded one-thousand-870 trillion won to post a fresh record in the third quarter of the year.

According to the Bank of Korea's(BOK) preliminary data on Tuesday, outstanding household credit totaled one-thousand-870-point-six trillion won as of late September, up two-point-two trillion won from a record set three months earlier.

Household credit refers to credit purchases and loans for households extended by financial institutions.

While household loans dropped 300 billion won on-quarter amid the BOK's steep rate hikes, purchases on credit rose two-point-five trillion won during the same period to reach a record 113-point-eight trillion won as spending increased amid eased social distancing rules.