The chief of South Korea's financial watchdog says that the growth of the nation's household debt is slowing down, but the scale of debt itself remains enormous and is putting a burden on the overall economy.

Choi Jong-ku, chairman of the Financial Services Commission (FSC), gave the assessment during a meeting with bank executives on Friday.

The FSC chief said that the nation's household debt growth,which soared to eleven-point-six percent in 2016, slowed to seven-point-six percent in 2017 and six-point-seven percent in the third quarter of last year.

However, he said the amount of the debt, which stands at 15-hundred trillion won, is pulling down private consumption and imposing a burden on the overall economy.

Choi said the government aims to slow the growth of household debt to about five percent by 2021 and to enhance loan-related regulations for risk management.

The nation's household debt to the gross domestic product ratio came to 97-point-five percent as of 2017, much higher than 67-point-three percent, the average for the member states of the Organization for Economic Cooperation and Development.