The nation’s household debt has reached a new high exceeding over 34 million won per household.

The Bank of Korea said Monday that household credit posted five-hundred-46 trillion won in the second quarter this year, up 16-point-seven trillion won from the previous quarter.

Household credit consists of household lending, or mortgage loans, and credit card spending.

The second quarter saw 15-point-eight-trillion won increase in mortgage loans and nine-hundred-billion won increase in credit card spending.

The dramatic increase in household debt is attributable to the growing use of mortgage loans and an increase in credit card spending although the per capita income is at a stalemate.

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