New data shows South Korea’s household debt grew nearly eight times faster compared to member states of the Organization for Economic Cooperation and Development(OECD) following the 2008 global financial crisis.

According to data released by the Bank of Korea Thursday, the pace of growth in South Korea’s household debt between 2009 and 2016 reached three-point-one percentage points.

That's seven-point-eight times more than the OECD average of point-four percentage points.

While forecasting such a phenomenon will likely continue, the BOK said if growth in household debt continues to exceed growth in income, it could lead to limited consumption and growth in South Korea’s economy and increase potential risks in its financial system.

Household debt amounted to one-thousand-493-point-two trillion won at the end of the second quarter, up seven-point-six percent from the same period last year.