What can be done to curb credit card debt?

By Kang Seung-woo

Credit card companies’ aggressive push for asset growth through loan services is feared to pose a threat to the nation’s already-high household debt.

Given that a significant portion of the fast-rising amount of loans may go sour, the financial authorities fear that they will add to already-mounting household debts.

According to the Bank of Korea (BOK), the problem can no longer be ignored as household debt surpassed 800 trillion won for the first time in the first quarter. It rose 6 trillion won from the previous quarter.