South Korea's household debt hit a fresh high as it surpassed one-quadrillion-869-trillion won in the second quarter of this year, although the pace of growth slowed amid interest hikes and decreasing housing transactions.

According to the Bank of Korea on Tuesday, outstanding household credit soared to one-quadrillion-869-point-four trillion won as of the end of June, up by six-point-four trillion won from the previous quarter. The figure is the highest since the central bank began collecting data in 2003.

Household credit is a measurement of credit purchases and loans for households extended by financial institutions, the amount of which has been on a steady climb to record highs.

Household credit levels accelerated after the COVID-19 outbreak in 2020, but the growth slowed this year due to rising borrowing costs and a dropoff in the number of housing transactions.

Mortgage loans stood at just over one-quadrillion won, increasing by eight-point-seven trillion won on-quarter.