SEOUL, South Korea's household credit fell in the first quarter on high borrowing costs and a slump in the real estate market, the central bank data showed Tuesday. Outstanding household credit reached 1,882.8 trillion won (US$1.38 trillion) at the end of March, down 2.5 trillion won from 1,885.4 trillion won posted three months earlier, according to the Bank of Korea (BOK). Household credit refers to credit purchases and loans to households by financial institutions. Household credit increased by 8.2 trillion won in the second quarter of last year, 17 trillion won in the third quarter and 7 trillion won in the fourth quarter. The BOK attributed the downturn to a decrease in housing transactions in recent months and a reduction in policy loans. Source: Yonhap News Agency
