(MENAFN) In spite stricter lending rules at banks, South Korea's household debt climbed 11 percent throughout the first three months, based on recent reports.
The Bank of Korea (BOK) stated that the nation's overall household debt hiked to USD1.035 trillion in the Jan-March period from 1,098.3 trillion won a year earlier.
Moreover, lower rates have severely driven up the country's household loans in recent years. The country's key policy rate stands at an all-time low of 1.5pct.
The government presented stricter lending rules for loans as part of its pre-emptive efforts to prevent a crisis that could arise from snowballing bad debts at financial institutions.
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