Nov. 22 (Bloomberg) -- South Korea’s household debt rose to a record in the third quarter as borrowing increased to finance homes and consumption.
Household credit, the sum of home loans and credit purchases, rose 13.6 trillion won ($12.5 billion) to 937.5 trillion won in the three months ended Sept. 30 from the previous quarter, the Bank of Korea said in an e-mailed statement today.
The Bank of Korea lowered its benchmark interest rate twice this year to support growth. Asia’s fourth-biggest economy grew 1.6 percent in the three months through September from a year earlier, the slowest pace since 2009.
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