South Korean financial regulators are promising measures to cushion the impact of a possible rise in interest rates on the working class.

Yim Jong-yong, Chairman of the country's Financial Services Commission, said Thursday a potential rate hike would increase the burden of household debt and hurt the socially vulnerable who inevitably rely on high-interest loans.

The commission says it will expand support for working class banking and financial services in the event interest rates rise.

Interest rates in Korea surged following Donald Trump's election victory, and regulators are watching closely to see whether the U.S. Federal Reserve chooses to inch up key bank rates.

South Koreans owe a cumulative one-point-three quadrillion won in household debt.