Seoul, June 15 (QNA) - South Korea's household debts stood at nearly 1.7 times their disposable income, data showed Sunday, with the pressure for loan repayment driving down consumer spending, potentially triggering an economic recession.

The debt-to-income ratio for South Korean households and nonprofit organizations came to 174.7 percent as of end-2024, according to Bank of Korea data.

Specifically, the local households' disposable income stood at 1,356 trillion won (US$990 billion), while their combined financial debts stood at 2,370.1 trillion won.

The ratio had surged from 182.9 percent at the end of 2020 to 194.4 percent at end-2021, before gradually falling to 191.5 percent in 2022, 180.2 percent in 2023 and 174.7 percent last year. (QNA)