Household credit expanded at a faster pace in the second quarter, setting a new record as of June.

According to data from the Bank of Korea(BOK) on Tuesday, household credit hit an all-time high of one-thousand-805-point-nine trillion won as of June, up by a second-quarter record of 41-point-two trillion won from three months earlier.

Household credit consists of credit purchases and loans extended by both commercial lenders and non-banking financial firms.

While credit usually grows amid economic expansion and rising housing prices, growth further accelerated after the outbreak of the COVID-19 pandemic early last year.

Household lending extended by banks and other financial institutions reached a record one-thousand-705-point-three trillion won in the second quarter, up 38-point-six trillion won from the end of the previous quarter.

Mortgage loans expanded 17-point-three trillion won on-quarter to 948-point-three trillion won.