Household debt reaches new heights on surge in loans from non-banking financial firms
People are borrowing more money from private lenders and non-banking financial firms, which in turn has led the total amount of household debt in Korea to surge to a record 1,870.6 trillion won ($1.38 trillion) in the third quarter, according to the Bank of Korea (BOK). According to the BOK's preliminary data, Tuesday, outstanding household debt, including the amount of credit used for the purchase of goods and services, increased in the July-September period by 2.2 trillion won from the three months earlier.