Korea Business News Agency - NSP NEWS AGENCY.

(Graph = FSS)

(Seoul=NSP NEWS AGENCY) = In January, household debts from banking and non-banking sectors expanded to 800 billion won MoM. Mortgage loans grew slightly to reach 4.1 trillion won.

On 14 February, the Financial Supervisory Service (FSS) released the “(Tentative) Household Debts Trend in January 2024” report. It read that Korean households borrowed 600 billion won more than last month (200 billion won) from all banking sectors, reaching a total of 800 billion in household debts.

The mortgage increased by 4.1 trillion won, suggesting a moderate upward trend to that of January (went up 500 billion won). The banking sector issued fewer mortgages, and the non-banking sector lent more money for mortgages to 800 billion won, an increase from the previous 100 billion won. Other debts declined by 3.3 trillion won.

Household debts in the banking sector narrowly increased, while household debts borrowed from the non-banking sector declined.

In January, the banking sector recorded a 3.4 trillion won increase in household debts, showing a slight increase in debts to the previous month (3.1 trillion won). Even though banks eased restrictions on their mortgage loan limits, fewer people borrowed mortgages than last month, affected by shrunken government-supported mortgages. Other debts decreased by 1.5 trillion won, a slightly declined amount to last month.

Household debts in the non-banking sector decreased by 2.6 trillion won (-2.5 trillion won) compared to January; ▲mutual savings banks recorded a 2.5 trillion won decrease; insurance firms a 0.5 trillion won, while ▲credit finance corporations saw a 400 billion won increase, and ▲savings bank, 100 billion won increase, respectively.

By Hyun-jin Kim(kimhj30310@nspna.com) and Soo-in Kang(sink606@nspna.com)

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