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South Korea’s household credit declined by the largest amount in four years in the first quarter as card spending remained sluggish amid the economic slowdown, the central bank said Thursday.
Household credit totaled 961.6 trillion won ($856.5 billion) as of the end of March, down 2.2 trillion won from three months earlier, according to the Bank of Korea.
In the fourth quarter, household credit rose 23.1 trillion won on-quarter to a record high 963.8 trillion won. The on-year growth of household credit slowed to 4.9 percent in the first quarter, extending its on-year slowdown for the seventh straight quarter.
Household credit refers to credit purchases and loans for households extended by financial institutions, including commercial lenders and mutual savings banks.
The decline in household credit came as domestic demand remained lackluster amid the economic downturn, leading people to use credit cards less, the BOK said.
Total household lending rose by 2.1 trillion won, but home loans extended by banks and non-bank depositary institutions declined due to the expiration of temporary housing tax cut, the BOK said. (Yonhap News)
Household credit totaled 961.6 trillion won ($856.5 billion) as of the end of March, down 2.2 trillion won from three months earlier, according to the Bank of Korea.
In the fourth quarter, household credit rose 23.1 trillion won on-quarter to a record high 963.8 trillion won. The on-year growth of household credit slowed to 4.9 percent in the first quarter, extending its on-year slowdown for the seventh straight quarter.
Household credit refers to credit purchases and loans for households extended by financial institutions, including commercial lenders and mutual savings banks.
The decline in household credit came as domestic demand remained lackluster amid the economic downturn, leading people to use credit cards less, the BOK said.
Total household lending rose by 2.1 trillion won, but home loans extended by banks and non-bank depositary institutions declined due to the expiration of temporary housing tax cut, the BOK said. (Yonhap News)
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Articles by Korea Herald
