SEOUL: South Korea’s household debt growth hit a record monthly high last month as households raised credit loan amid an economic fallout from the Covid-19 resurgence, central bank data showed yesterday.
Debt, owed by households to banks, amounted to 982.1 trillion won (US$907.7bil) as of end-November, up 13.6 trillion won (US$12.6bil) from a month earlier, according to the Bank of Korea. It marked the biggest monthly increase since data began to be compiled in 2004. It was attributed to strong demand for credit loan due to the downturn. — Xinhua
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