Debt per household saw a decline for the first time in 19 years last year amid sluggish real estate investment and an increase in the number of households.

According to the Bank of Korea on Monday, outstanding household credit stood at one quadrillion-867 trillion won, or about one-point-28 trillion U.S. dollars, as of the end of last year, logging a modicum of growth at zero-point-two percent over a year earlier.

With 21-point-58 million households registered, however, the average debt held was estimated at 86-point-52 million won late last year, one-point-17 percent less than the average in 2021, which was tallied at 87-point-55 million won.

It is the first time the figure fell since retreating zero-point-56 percent in 2003 from a year earlier.

The decrease is due in part to high inflation and raised interest rates with aggregate household loans falling zero-point-46 percent from 2021 to one-quadrillion-749-trillion won.

On the other hand, the number of households nationwide jumped one-point-four percent from 21-point-28 million in 2021, contributing to the decrease in the average credit per household.