New data finds South Korea's household debt is increasing at an alarming rate in terms of its growth pace and amount. 

According to the global research and analysis firm Oxford Economics on Monday, South Korea’s ratio of household debt to gross domestic product(GDP) recently neared 100 percent.  

The figure is the third largest among 28 major countries the firm analyzed, after Australia, which surpassed 120 percent, and Canada which posted about 100 percent.

In addition, South Korea's household debt to GDP ratio soared by 15 percentage points over the past five years, the second fastest growth after China. China's increased 18 percentage points over the cited period. 

The analysis classified South Korea, Australia and Canada as countries at the largest risk of household debt, given that their household debt to GDP ratio exceed 65 to 85 percent and the ratio increased by seven percentage points over a period of five years.