Household debt has yet again hit a new all-time high in the third quarter of this year.

According to the Bank of Korea(BOK) Tuesday, the household credit balance reached one-thousand-844-point-nine trillion won for the quarter, marking the highest since it began compiling such data in 2003.

The figure is up by 36-point-seven trillion won from the second quarter, and by 163-point-one trillion won from the year before. 

Household credit balance refers to the combined debt borrowed from financial institutions and the outstanding credit card debt of a household.

The central bank explained that continued demand for housing sales and jeonse, a long-term house rental system, drove up mortgage loans which pushed up the country's overall household debt.