Corona, spirit, debt… Last year, household loans increased by more than 100 trillion won,’the largest ever’

Last year, it was found that household loans for banking sectors surged to over 100 trillion won, the largest annual record. As the real estate and stock markets heated up, the’spiritual’ (investment by bringing up the soul) and’debt investment’ (investment by debt) continued, and the impact of the vulnerable class who suffered from the new coronavirus infection (Corona 19) crisis survived from debt. Big. As household loans are expected to continue increasing this year, financial authorities are deepening concerns.

According to the Bank of Korea on the 14th, as of the end of December last year, household loans for banking sectors stood at 98.8 trillion won, an increase of 10 trillion won from a year ago. This is the largest increase since the related statistics were prepared in 2004. It is more than 1.5 times the annual increase in 2019 (60 trillion won). Despite the government’s pouring out various lending regulations, lending has soared to the largest ever.

Among household loans, credit loans and other loans such as negative bankbooks amounted to 266 trillion won, a record high of 32.4 trillion won. The mortgage loan amounted to 721 trillion won, an increase of 68.3 trillion won a year. Household loans for all financial sectors, including savings banks and other financial sectors, increased by 112 trillion won over a year.

The reason why household loans surged last year was because people who went to “panic buying” in the aftermath of a surge in house prices, and they made a lot of debt, and their jeonse loans also increased significantly as they jumped to the jeonse price. In fact, the nationwide housing transaction volume last year was 1.8 million, an increase of 230,000 from 2019. It is estimated that the bank’s jeonse loans also increased by more than 33 trillion won. In addition, as the stock market heated up, there were also many people who went into debt. Credit loans surged over 3 trillion won per month from June to November last year, which coincides with the period when the stock market recovered rapidly. Loans for the vulnerable, whose livelihoods have become difficult due to the prolonged Corona 19, are also increasing. Yoon Ok-ja, head of the Haneun Market Management Team, said, “Last year, home sales increased a lot, and demand for various funds such as stock purchase funds and living funds had a compound effect.” Looking at last December alone, household loans increased by 6.6 trillion won. Other loans only increased by 400 billion won as the financial authorities tightened credit loans. Compared to the increase in delivery (7.4 trillion won), it declined significantly. However, as house prices continued to rise, mortgage loans increased by KRW 6.3 trillion, the largest increase in history as of December. At the end of December of last year, a member of the Bank of Finance and Economy Commissioner at the Bank of Korea Financial and Monetary Committee pointed out, “It is worth noting that even if the scale of household loan growth in 2021 is reduced from the previous year, it is at a higher level than in previous years.”

The financial authorities said on this day, “We will come up with a’advanced plan for household debt’ to establish the practice of reviewing loans based on repayment ability during the first quarter of this year (January to March).” “Based on the total debt principal repayment ratio (DSR). “We will promote a soft landing of household debts, such as step-by-step change to the borrower (borrower) level.” “I am concerned that the rate of increase in household debt is very fast,” said Kim Jeong-sik, an emeritus professor at the Yonsei University Department of Economics. “Unlike the past economic crisis, in the Corona 19 crisis situation, there may be a crisis due to the insolvency of household debt.”

Reporter Park Hee-chang [email protected]

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