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FSC says household debt growth slowed in June

July 13,2017
Korea’s household debt growth slowed slightly in June, data showed Wednesday, as the government moved to control fresh loans.

Household debt rose by 7.8 trillion won ($6.8 billion) last month, down from 11.6 trillion won tallied for the same month last year, according to data from the Financial Services Commission.

In the first half of the year, household debt grew by 40.3 trillion won, compared with an expansion of 50.4 trillion won for the same period in 2016.

The country’s household debt has crimped private consumption and made it harder for the central bank to increase its key interest rate.

Compared with a month earlier, the pace of household debt also slowed, as it grew by 10 trillion won in May. YONHAP