Korea’s household debt has increased by 52 trillion won in just a year, according to a government figure, ringing alarm bells about the nation’s economy.
The Financial Supervisory Service revealed Wednesday that the nation’s total household debt amounted to 1,100 trillion won last year from 1,046.4 trillion in 2011.
The household debt puts together outstanding household debt and personal business loans.
The financial authorities expressed concerns that the current situation would get worse, since there were signs of an economic upturn.
Moreover, there is a possibility that more people will borrow money from banks as low interest rates are expected to continue, analysts said.
By Choi In-jeong (firstname.lastname@example.org