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KOREAN HOUSEHOLDS' DEBT REPAYMENT CAPACITY WEAKENS: BOK.
SEOUL, Nov 3 Asia Pulse - South Korean households' ability to repay debt weakened in the first half of this year as household debt rose at a faster pace than income growth, the central bank said Sunday, adding to worries over sluggish consumer spending.
The ratio of households' financial debt to disposable income rose to 1.53 as of the end of June, compared with 1.48 at the end of 2007, the Bank of Korea (BOK) said in a semi-annual financial stability report.
The figure has been on an upward trend since 2004, when the ratio stood at 1.27, according to the central bank.
The ratio of interest payment to disposable income came in at 9.8 per cent as of the end-June, up from 9.4 per cent in 2007.
"Amid rising interest rates, household debt rose faster than income or financial assets, which weakened households' capability to service debt. Such rising debt could sap consumer spending in the future," the BOK said.
The report came as increasing debt, coupled with higher inflation, is eroding the ...
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Source: HighBeam Research, KOREAN HOUSEHOLDS' DEBT REPAYMENT CAPACITY WEAKENS: BOK.