Last month, commercial banks continued to tighten loans, resulting in a "balloon effect" on local banks and second-tier financial institutions.
According to the financial sector, the total household loan balance in October increased by 6 trillion won from September as of the 30th of last month.
In particular, household loans in the second financial sector increased by more than 2 trillion won in a month, the largest increase in two years and 11 months since November 2021.
On the other hand, household loan balances grew by just 1.11 trillion won in a month at the end of October for the five major commercial banks that maintain high loan interest.
Card loans, insurance policy loans, and credit loans are believed to account for the remaining increase in household loans, raising concerns that the quality of household loans is deteriorating.
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