Total household debt in South Korea increased by more than three trillion won last month, but its pace of growth has slowed from a year earlier.
According to the data released by the Financial Services Commission(FSC) and the Financial Supervisory Service on Wednesday, the total debt owed by households to the primary and secondary lenders increased by three-point-three trillion won in February from January.
However, the on-month growth more than halved from six-point-eight trillion won posted in February of last year. The corresponding February figures for 2015 and 2016 were four-point-four trillion won and five-point-four trillion won, respectively.
The FSC said the slowdown in the growth of household debt was markedly observed in secondary financial companies, adding the provision of bonuses ahead of the Lunar New Year holiday also contributed to less demand for household loans.
The homecoming holiday was observed in February this year and in January last year.