South Korea’s household debt surpassed one-thousand-450 trillion won last year, but the growth pace was found to have significantly slowed.

According to the preliminary data by the Bank of Korea on Thursday, loans and other debt owed by South Korean households reached over one-thousand-450 trillion won in the fourth quarter of last year.

The figure represents an increase of 31-point-six trillion won from the previous quarter, but a decrease of 14-point-five trillion won from the fourth quarter of last year.

The central bank said that the latest increase is the smallest fourth quarter gain since 2014, when it grew by 28-point-eight trillion won.

The nation's household debt increased by 108-point-four trillion won last year, also the lowest growth since 2014.