Household Debt Exceeds 2 Trillion Won to Hit Record High... Increased by 26 Trillion Won in Q2

South Korea's total household debt surpassed 2 trillion won for the first time on record, reaching 2.019 trillion won as of the second quarter of this year.

It increased by 25.9 trillion won from the end of the first quarter, recording the largest increase in 4 years and 9 months.

The increase is analyzed to be driven by a surge in home purchases ahead of the heavy taxation on capital gains on housing in the second quarter, which led to a 12.2 trillion won increase in mortgage loans, alongside a 12.8 trillion won increase in other loans such as credit loans due to stock investment demand.
※ Please note: This article was translated by AI and may contain errors.