2023-04-30 01:21:00
Their loans increased by nearly 30% in three years, and they borrowed an average of 70 million won and 54 million won per borrower from banks and secondary financial institutions.
According to the ‘Household Loan Status’ data submitted today (30th) by the Bank of Korea to Rep. Yang Kyung-sook (Democratic Party of Korea) of the Planning and Finance Committee of the National Assembly, as of the end of the fourth quarter of last year, the total number of household loan borrowers in the domestic bank sector was 14.9 million. Loan balance reached KRW 902.2 trillion
Compared to the 4th quarter of 2019 (12.7 million people, 766.8 trillion won), just before the COVID-19 crisis, the number of borrowers and balance increased by 17.3% and 17.7%, respectively, over the three years.
In particular, as of the fourth quarter of last year, the balance of loans for those in their 20s and younger than 30s totaled 514.5 trillion won (banks 354 It was estimated at 8 trillion won + 2 financial sector 159.7 trillion won).
This is an increase of 27.4% from 404 trillion won (278.1 trillion won in banks + 125.9 trillion won in financial institutions) in the fourth quarter of 2019, three years ago.
For those in their 30s and younger, the increase in loans (KRW 110.5 trillion) and the average loan amount per borrower (loan balance/number of borrowers) also increased the most over the past three years.
In its financial stability report last year, the Bank of Korea pointed out and warned people in their 20s and 30s, saying that if interest rates rise and internal and external conditions deteriorate, credit risks may increase, especially for young people and self-employed vulnerable borrowers who have significantly increased loans.
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