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FSC Chief: Household Debt Growth Slow to 5.9 Tln Won in Nov.

Written: 2021-12-05 13:45:17Updated: 2021-12-05 20:31:24

FSC Chief: Household Debt Growth Slow to 5.9 Tln Won in Nov.

Photo : YONHAP News

South Korea's household debt was estimated to have grown at a slower pace last month.

Koh Seung-beom, chief of the Financial Services Commission (FSC), said on Friday in a video-linked press conference that the combined outstanding household loans increased by five-point-nine trillion won in November.

The growth steadily slowed from 15-point-three trillion won in July to eight-point-six trillion won in August, seven-point-eight trillion won in September and six-point-one trillion won in October.

The FSC chief attributed the slower pace of growth to the government's active efforts to regulate household debt, assessing the property market is also stabilizing.

Koh said that the growth rate of household debt, which soared to ten percent in July, is estimated to have dropped to seven-point-seven percent in November.

However, he made it clear that the FSC will maintain its stance next year as well to prevent any excessive rise in household debt from impairing the country's financial stability.

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