The Washington Post says South Korea's household debt is at a serious level.

The Post said in an article Monday that South Koreans continue to borrow at a "feverish" rate that is unsustainable and "potentially dangerous," while much of the advanced world is getting rid of its debt.

The report says that according to the Organization for Economic Cooperation and Development (OECD), South Korean household debt now stands at 155 percent of disposable income. It points out this is higher than the rate in the U.S. at the start of the subprime mortgage crisis and well above the other major Asian economies, China and Japan.

The U.S. daily says that for more than a decade, Korea’s household debt has grown annually at about 13 percent, twice the growth rate of its gross domestic product (GDP).

It also warns that if home prices drop, South Koreans will default en masse and banks won't be able to recover their money.

The report further asserts that Korea’s extreme borrowing is partly due to its long-booming economy but also reflects the "society’s hyper-emphasis on achievement." The report said that to boost their odds of success, Koreans spend money on tutors and elite colleges and then show off their success by buying luxury handbags and new apartments.

The Post added that Korea used to be a country of savers, but that changed after the 1997 Asian financial crisis when the Seoul government loosened control on interest rates as part of the recovery plan, and home purchases boomed.