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Total of Household Loans by Banks in October Rises by 6.3 Tln Won

Written: 2023-11-08 14:29:02Updated: 2023-11-08 15:04:19

Total of Household Loans by Banks in October Rises by 6.3 Tln Won

Photo : KBS News

The total value of household loans by banks climbed from a month earlier to come out to one quadrillion-86-point-six trillion won, or 833-point-six billion U.S. dollars, as of the end of October.

According to data from the Bank of Korea on Wednesday, the latest figure was an on-month increase of six-point-eight trillion won from a month earlier to mark the seventh consecutive month of rises, led by climbing mortgages amid high borrowing costs.

The increase in household loans has more than doubled from a month ago by two-point-four trillion won and is the largest jump in two years and one month.

Among all types of loans, mortgages across all financial sectors increased by five-point-two trillion won.

The Financial Services Commission says it will continue to monitor the growth of household loans due to concerns that the debts are putting pressure on the country’s economy.

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