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Finance
Household loans jump 9.3 trillion won in a month as regulators trigger emergency management
Household loans across South Korea’s financial sector rose 9.3 trillion won in May, sharply above April’s increase and a year earlier. Mortgage lending growth slowed, but other loans, including credit loans, swung to an increase and drove the overall rise. Regulators held a debt monitoring meeting and plan weekly checks on firms that miss management targets. Banks will pursue voluntary measures such as cutting new credit loan limits for high earners.
Finance
Overdue debt collection practices to change after tax breaks on written-off loans
South Korea\'s financial regulators plan to curb the practice of financial companies repeatedly extending the statute of limitations on overdue loans while continuing collection efforts after receiving tax benefits. Under revised rules, firms will need to let the statute of limitations run its course when it first comes due to have personal overdue loans recognised as losses. The changes also tighten requirements for selling such debts, introduce reporting and disclosure systems, and revise related guidelines and supervision rules.
Finance
South Korea household debt hits record high near 2,000 trillion won; Q4 loans up 11.1 trillion won
South Korea\'s household credit balance reached a record 1,978.8 trillion won at end-December, up 14.0 trillion won from end-September, the Bank of Korea said on Thursday. Household credit has risen for seven straight quarters, though the quarterly increase narrowed. Excluding sales credit, household loans rose 11.1 trillion won in the fourth quarter. Mortgage lending grew 7.3 trillion won and other loans rose 3.8 trillion won, with stock investment demand cited.
