Korean households’ unsecured loans up 5 pct. on-year in 2015
Unsecured loans by Korean households grew
five-percent in 2015, compared to the previous year.
According to data by Statistics Korea, the Financial Supervisory Service and the Bank
of Korea, credit loans per household amounted to nearly 55-hundred U.S. dollars as of late
March 2015, …up from about 52-hundred dollars in 2014.
This is the first time since 2011 that personal loans grew at a faster rate than mortgage
loans,… which grew four-point-nine-percent on-year.
Unsecured loans include overdraft bank accounts and money borrowed from private loan companies.
The Financial Supervisory Service attributes the rise in debt to people borrowing more
to cover living expenses and to support business operations.