South Korea has seen one of the fastest expansion paces for its household debt against its gross domestic product last year, despite a series of policy actions focused on lending restrictions.

According to data compiled by the Bank for International Settlements on Sunday, South Korea’s household debt was equal to 96 percent of its GDP as of the end of the second quarter last year.

The debt-to-GDP rate is the seventh highest among 43 major economies, after Switzerland at 128-point-eight percent, Australia and Denmark.

South Korea saw the rate grow point-eight percentage points on-quarter, marking the second fastest expansion, following China’s one percentage point.

Also, the country’s household debt service ratio, which measures the share of household income used to service debt and is considered as an indicator for risky household loans, hit a record high 12-point-four percent as of the end of the second quarter last year.