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Economic Report

Economic reports, briefs issued by Samsung Economic Research Institute

July’s Household Debt Reaches 
All-time High

July’s Household Debt Reaches All-time High

Sept. 23, 2013

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Korea's household lending from commercial and non-bank banks rose to a new high in July, said the Bank of Korea (BOK). According to the central bank, the debt balance reached 667.5 trillion won, adding 1.1 trillion won from a month ago. July's growth represents a sharp drop from the previous month's 6.5 trillion won gain. The slowing growth is mainly attributable to the expiry of tax breaks for home buyers at the end of June, which resulted in reduced home sales, said a source at the BOK.


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