Household vs National Debt — Which is riskier?
In Korea, household debt has long overtaken national debt.
National debt ≈1,200T KRW vs household debt ≈1,944T KRW. Governments can coordinate with central bank and taxes; households face rate and employment shocks directly.
| Country / Series | Debt / GDP | Household / GDP | GDP (T USD) | Debt (T USD) | Note |
|---|---|---|---|---|---|
| National Debt (D1) | — | — | — | 0.88 | 1,196.7T KRW · 2026 base |
| Household Debt | — | — | — | 1.30 | 1,944T KRW · BoK credit |
| Mortgage (subset) | — | — | — | 0.72 | 1,075T KRW |
| Credit Card (subset) | — | — | — | 0.08 | 113T KRW · fastest-growing |
Takeaway
Policy focus should shift from "absolute public debt" to "household debt contagion response capacity".
Sources: BoK ECOS (household credit), MoEF (national debt).