[다음주 경제] How much did household debt rise in the third quarter?

Statistics on home ownership status are also announced.

(Seoul = Yonhap News) Reporters Shin Ho-kyung and Lee Jun-seo = Next week (November 18-22), the size of household credit (debt) as of the end of the third quarter will be revealed, and statistics on home ownership status last year will also be released.

The Bank of Korea announces the results of ‘3rd quarter household credit (provisional)’ on the 19th.

At the end of the second quarter (June), the household credit balance was 1896.2 trillion won, an increase of 13.8 trillion won from the end of the first quarter (1882.4 trillion won). This is the highest record since related statistics were published in the fourth quarter of 2002.

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[그래픽] Household credit balance trend

(Seoul = Yonhap News) Reporter Kim Min-ji = According to the ‘2024 Second Quarter Household Credit (Provisional)’ statistics released by the Bank of Korea on the 20th, the household credit balance as of the end of June was calculated to be 1896.2 trillion won, the highest ever. was replaced.
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Household credit refers to ‘comprehensive household debt’ that includes loans received by households from banks, insurance companies, loan companies, public financial institutions, etc., plus the amount used by cards before payment (sales credit).

Despite monetary tightening, Korea’s household credit continued to increase by KRW 8.2 trillion in the second quarter of last year, by KRW 17.1 trillion in the third quarter, and by KRW 7 trillion in the fourth quarter, but decreased by KRW 3.1 trillion in the first quarter of this year. After just one quarter, it returned to an upward trend.

In the third quarter, attention is being paid to whether the pace of increase in household debt may have slowed somewhat as financial institutions such as financial authorities and banks have taken measures to manage soundness in order to curb the rapid increase in household loans.

[그래픽] Home ownership status

(Seoul = Yonhap News) Reporter Kim Young-eun = Statistics Korea announced the results of ‘2022 Home Ownership Statistics Using Administrative Data’ on the 14th.
As of November 1 last year, 962,000 homeowners had purchased one or more homes in the previous year.
Conversely, over the same period, the number of individuals who owned homes decreased by 652,000.
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Statistics Korea will release ‘2023 Home Ownership Statistics’ on the 18th.

You can check the overall housing status, including the status of those who own multiple homes and those without a home, the overall profile of homeowners, including those subject to comprehensive real estate tax, and the gap between upper and lower house prices.

The ‘2024 Annual Consultations’ between the Ministry of Strategy and Finance and the International Monetary Fund (IMF), which began last week, will continue until the 20th.

The IMF mission team plans to meet with First Vice Minister of Strategy and Finance Kim Beom-seok on the 19th and then explain the results of the annual consultation through a press conference on the 20th.

shk999@yna.co.kr, jun@yna.co.kr

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2024/11/16 08:37 Sent