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S.korea's household credit retreats in q1 on falling card spending by ferujkll sdff
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S.korea's household credit retreats in q1 on falling card spending |
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Business,Business News,Business Opportunities
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South Korea's household credit retreated for the first time inthree years in the first quarter of this year due to a fall incredit card spending amid tighter requirements for card issuanceand usage, the central bank said Thursday. Outstanding household credit, including loans from banks andnon-bank depository corporations as well as credit purchases,reached 911.4 trillion won (775 billion U.S. dollars) as of the endof March, down 0.5 trillion won from three months earlier,according to the Bank of Korea (BOK). The nation's household credit continued to grow after breaching the800-trillion won mark for the first time in the second quarter of2010.
The figure topped the 900-trillion won mark for the firsttime in the fourth quarter of 2011, but it showed the firstnegative growth in the first quarter since the 3. 8 trillion wonon-quarter contraction tallied in the first quarter of 2009. The first-quarter contraction was mainly attributed to a reductionin credit card spending. Credit purchases, including credit cardspending and installment payment purchases, came in at 53.6trillion won as of end-March, down 1.2 trillion won from threemonths before.
Consumers decreased their credit card uses to buygoods and services due to tighter regulation on credit cardissuance and usage. Banks' household lending reduced in the first quarter following thefinancial regulator's restrictions on such lending, but householdloans extended by non-bank financial institutions increased as thehousehold demand for loans moved to such institutions that demandhigher lending rates. Household loans extended by banks declined 2.7 trillion won on-quarter to 453.1 trillion won in the first quarter after expanding6.2 trillion won in the previous quarter. The Financial ServicesCommission introduced last June comprehensive countermeasuresagainst excessive household debts in the banking sector.
Debts owed by households to non-bank depository institutions suchas savings banks, credit unions and community credit cooperatives,stood at an outstanding 184 trillion won as of end- march, up 0.2trillion won from three months before. Household loans extended by other financial institutions, includinginsurers, pension funds and credit card firms, reached 220.6trillion won at the end of March, up 3.1 trillion won from threemonths earlier, according to the BOK. I am a professional writer from Motors, which contains a great deal of information about black fly glasses , wholesale wood beads, welcome to visit!
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