Household credit in South Korea soared to an all-time high in the first quarter, data showed Wednesday, adding to growing concerns over the country's already fast-growing household debt.

Household credit totaled 1,099.3 trillion won ($992.1 billion) as of end-March, up 11.6 trillion won from a revised 1,087.7 trillion won at the end of last year, according to the data compiled by the Bank of Korea.

Household credit refers to credit purchases and loans extended by financial institutions, including commercial lenders and mutual savings banks.

The on-quarter expansion slowed from the fourth quarter of last year when household credit increased by a record 28.8 trillion won following two rounds of rate cuts in August and October.

But the gain was still bigger than the 3.5 trillion won on-quarter rise in the first quarter of last year. Quarterly growth tends to be relatively slow in the first quarter when people borrow less after receiving end-year bonuses.

Of the total, household debt reached 1,040.4 trillion won, growing 12.8 trillion won from three months earlier.

Credit purchases slipped 1.2 trillion won on-quarter to 59 trillion won, due mostly to a fall in credit card spending, according to the data.

The data comes as bulky household debt remains a chronic bugbear for Asia's fourth-largest economy where such debt is feared to sap consumption and possibly trigger a credit risk once interest rates begin trending higher.

High household debt is also seen as a factor deterring an additional rate cut for the time being. Earlier this month, the central bank's monetary policy committee noted that household lending at banks had increased "at a level substantially exceeding that of recent years." (Yonhap)