Sales credit plummeted due to a decline in consumption last year, and the rate of increase in household loans surpassed that of household credit, causing a bubble in asset investment.
In the fourth quarter of last year,'debt investment' in real estate and stocks increased by 90 trillion won, and household credit (household loans + sales credit) recorded 176.2 trillion won, but credit sales decreased by 200 billion won.
Statistics released by the Bank of Korea on the 23rd showed that sales credit rose by 6.3% in the fourth quarter of 2019 (5.5 trillion won, compared to the same period last year) to 200 billion won in the fourth quarter of last year, and decreased by -0.2% to 200 billion won from the previous quarter. .
Household credit increased by 7.9% from the same period last year to 125 trillion won in the fourth quarter of last year, while the fourth quarter of 2019 increased 4.1% from 63 trillion won, but household loans increased by 8.3% in the fourth quarter of last year (125 trillion won). In 2019, it increased by 4.0% (57 trillion KRW), overtaking the increase in household loans.
Sales credit increased from 5.1% in the third quarter of 2019 (from the previous quarter) to 6.3% in the fourth quarter, and fell sharply by 1.6% in the first quarter of last year (–6.4% from the same period last year), and then in the third quarter, when fiscal expansion and money supply were concentrated at 5.5. % Surged and plunged to 0.2% (-0.2% QoQ) in the fourth quarter.
The household credit growth trend is increasing from 3.9% in the third quarter of 2019 to 4.1% in the fourth quarter, 4.6% in the first quarter of 2020, 5.2% in the second quarter, and 7.0% in the third quarter before an increase of 7.9% in the fourth quarter of last year.
Compared to household credit, the growth rate of household loans increased to 8.3% and 7.9% in the fourth quarter compared to the gap in the first quarter of last year (4.8% and 4.6% increase), leading to a “consumption reduction loan increase” in Corona.
Household credit amounted to KRW 44.2 trillion in the fourth quarter and KRW 44 trillion in the third quarter, an annual increase of 125 trillion KRW, an increase of 7.9% year-on-year to 177.2 trillion KRW.
Other loans (credit loans) all recorded an all-time high with an increase of KRW 57 trillion in the fourth quarter of last year, with an increase of KRW 24 trillion in the fourth quarter of last year, and the balance of other loans was KRW 719 trillion and the balance of household loans was KRW 910 trillion. It is 630 trillion won.
Household credit is a household debt that is the sum of loans from financial institutions such as banks and insurance companies (household loans) and the amount used by credit cards (sales credit).
Other financial brokerage loans, such as securities companies linked to stock investment, increased by KRW 26.3 trillion per year.In the first quarter of the corona, when the government launched a V-shaped rebound, it surged KRW 1.03 trillion in the second quarter, and in the fourth quarter, the balance at the end of the year increased to 193 trillion. It is 200 billion won.
Mortgage loans (main charge) increased by 8.0% from 67.8 trillion won last year to 910 trillion won, and increased by 20 trillion won in the fourth quarter.
Unlike the year-on-year decrease of -10.4 trillion won in 2019 and -2.4 trillion won in the fourth quarter, the leading charge of non-banking sectors declined from -2.8 trillion won in the first quarter of last year to an increase of 800 billion won in the fourth quarter. .