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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

Household Debt Shrinks in Four Years

Household Debt Shrinks in Four Years

May 27, 2013

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The country's household credit (household loans plus sales credit) slid for the first time in four years, said the Bank of Korea (BOK). Household credit shrank 2.2 trillion won from a quarter ago to 961.6 trillion won in the first quarter of this year. This marks the first drop since the first quarter of 2009 when the balance dwindled 3.1 trillion won in the wake of the 1997 currency crisis. Despite the fall, the credit balance represents the second-highest in history, following the previous quarter's record high at 963.8 trillion won. Until the previous quarter, credit balance had continued to steadily grow, surpassing the 800 trillion won mark in the second quarter of 2010 and the 900 trillion won mark in the last quarter of 2011.


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