가계의 주택담보대출 비중과 거주목적 대출용도가 연체에 미치는 영향 - 소득계층별 분석 -

According to the Bank of Korea, South Korea’s household debt approached 1,450 trillion won. Maintaining the prudentiality of financial market is becoming a major challenge in Korea. The US Federal Reserve benchmark interest rates have recently been on the rise, which is expected to be a key factor of upward pressure on Korea’s benchmark interest rates. If household debt levels rise, a rise in mortgage interest rate can increase households’ debt repayment burden and the likelihood of household debt delinquency. Therefore, it is crucial to measure the risk of household debt delinquency and to implement relevant proper policies. This study analyzes the impact of household debt composition and purpose on loan delinquency. The summary and implications of this study are as follows. First, the increase of income or net asset decreases the likelihood of household debt delinquency. The effects of income and net asset are greater among low-income families. Second, the increase in financial debt increases the likelihood of delinquency. Third, mortgage loans reduce the likelihood of delinquency, compared with credit loans, and in particular, these effects are greater in owner-occupied mortgage loans. In contrast, credit loans increase the likelihood of household debt delinquency. Therefore, in case of implementing mortgage supporting programs, the government needs to consider the composition and characteristics of household debts.