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South Korea’s Household Debt Rose Most in a Year Last Quarter

Feb. 22 (Bloomberg) -- South Korea’s household debt rose most in a year last quarter on borrowing to buy or rent homes.

Household credit, the sum of loans and credit purchases, climbed 22.3 trillion won ($19.8 billion) to a record 912.9 trillion won in the three months ended Dec. 31 from the previous quarter, the Bank of Korea said in Seoul today. From a year earlier, household debt gained 7.8 percent.

The Bank of Korea left borrowing costs unchanged for an eighth month on Feb. 9, the longest pause since tightening began in July 2010, as Europe’s debt crisis damped the nation’s export.

To contact the reporter on this story: Eunkyung Seo in Seoul at eseo3@bloomberg.net

To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net

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