South Korea's financial watchdog says the country's household debt is being managed at a stable level amid growing concerns.

Vice Chairman of the Financial Services Commission(FSC) Kim Yong-beom explained Wednesday that the pace at which household debt is growing is slower than the previous years.

Noting the FSC's continued efforts to keep the debt problem under control, Kim said the government’s recent measures to reduce speculative real estate transactions will also begin to have an impact on household loans.

He said his agency will also announce comprehensive measures to regulate household debts by mid-September, and added they are reviewing plans to strengthen the regulations on owners of multiple houses.

The Bank of Korea reported earlier in the day that household debt hit a record high in the second quarter, rising two-point-one percent from the first quarter to reach one-point-39 quadrillion won as of the end of June.