The average outstanding loan balance per borrower of household loans in Korea has exceeded 97 million won. It is the highest since related statistics began in 2012.
According to data the Bank of Korea submitted on the 12th to People Power Party lawmaker Park Seong-hun, a member of the National Assembly's Strategy and Finance Committee, the average outstanding loan balance per borrower of household loans stood at 97.21 million won as of the end of the third quarter last year.
The per capita outstanding loan balance has risen for nine consecutive quarters since the end of the second quarter of 2023 (93.32 million won). It increased by more than 2 million won from a year earlier, at the end of the third quarter of 2024 (95.05 million won).
The total outstanding loan balance has increased for six consecutive quarters since the end of the first quarter of 2024 (1,852.8 trillion won). After surpassing 1,900 trillion won for the first time at the end of the second quarter last year (1,903.7 trillion won), it continued to rise to 1,913 trillion won at the end of the third quarter.
By age group, as of the end of the third quarter last year, the average bank outstanding loan balance per person in their 40s was 114.67 million won, the highest on record. Those in their 50s (93.37 million won) and those in their 30s or younger (76.98 million won) also each hit record highs. However, those 60 or older recorded 76.75 million won, a slight decline from the previous quarter (77.71 million won).
Lawmaker Park Seong-hun said, "The burden of household liability is spreading to a perceived economic slowdown, such as weaker consumption and sluggish sales among the self-employed," adding, "Rather than short-term lending curbs or patchwork measures, we need a response strategy that improves the financial structure and systematically manages debt risks."