South Korea's household debt hit a record high in the second quarter, expanding ten trillion won on average every month between April and June. 

According to the Bank of Korea on Wednesday, overall debt incurred by households rose two-point-one percent on quarter to reach one-point-39 quadrillion won as of the end of June. 

Household credit, which is composed of credit card spending and loans from financial institutions such as banks and insurance companies, marked the highest number since the fourth quarter of 2002 when the central bank began compiling related data. 

Household debt is considered a risk factor that may slow down private consumption and hinder financial stability in the long run.