SEOUL, May 20 (Xinhua) -- South Korea's household credit grew slower in the first quarter owing to weaker demand for mortgage loans, central bank data showed Tuesday.
Household credit, which refers to debts owed by households to banks and other lenders in addition to the purchase on credit, stood at 1,928.7 trillion won (1.39 trillion U.S. dollars) at the end of March, up 2.8 trillion won from three months earlier, according to the Bank of Korea (BOK).
It marked the largest amount since relevant data began to be compiled in 2002, but it rose slower compared to an increase of 11.6 trillion won in the fourth quarter of last year.
The BOK cut its benchmark interest rate by a quarter percentage point to 2.75 percent in February after slashing it by the same percentage in October and November last year.
Excluding the purchase on credit, household debt grew 4.7 trillion won from three months earlier to 1,810.3 trillion won at the end of March, after expanding 9.1 trillion won in the previous quarter.
Mortgage loans to households gained 9.7 trillion won in the January-March quarter after swelling 11.7 trillion won in the previous quarter.
Other loans to households, such as credit loans, reduced 4.9 trillion won in the cited quarter.
The purchase on credit slipped 1.9 trillion won in the first quarter after mounting 2.5 trillion won in the prior quarter. (1 won equals 0.00072 U.S. dollars) ■
