SEOUL, May 19 (Xinhua) -- South Korea's household credit hit a new high in the first quarter due to strong 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 1,993.1 trillion won (about 1.33 trillion U.S. dollars) at the end of March, up 14 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, maintaining an upward momentum for an eighth straight quarter since the second quarter of 2024.
The record household credit was driven by robust demand for home-backed loans.
The BOK left its benchmark interest rate unchanged at 2.50 percent after reducing it by 25 basis points in February and May of 2025 and in October and November of 2024.
Excluding the purchase on credit, household debt mounted 12.9 trillion won from three months earlier to 1,865.8 trillion won at the end of March.
Mortgage loans to households increased 8.1 trillion won in the January-March quarter, faster than an expansion of 7.2 trillion won in the previous quarter.
Other loans to households, such as credit loans, swelled 4.8 trillion won.
The purchase on credit added 1.1 trillion won in the cited quarter. ■
