The nation's household debt hit a record high in the third quarter, despite the government’s set of measures including stricter loan regulations, according to the central bank.
The outstanding total of household debt stood at 1,419.1 trillion won ($1.3 trillion) in the July-September period, up 9.5 percent from a year earlier, preliminary data by the Bank of Korea showed Wednesday. The amount was also a 2.2 percent rise from the previous quarter.
The latest data came a week before the BOK is to decide whether to freeze or adjust the all-time low key interest rate of 1.25 percent.
In October, the central bank froze the rate for the 16th consecutive month but Gov. Lee Ju-yeol added that “conditions are gradually maturing” for tightening monetary policies, hinting at an upcoming rate hike.