The Korean finance and land ministries together with financial authorities on Tuesday will announce a set of fresh measures to curb the country’s snowballing household debt, the government said on Thursday.

The government plans to discuss its comprehensive actions with the ruling Democratic Party on Monday and make the official announcement on its new measures on the following day.

The new measures are expected to include easing in debt financing burden on low-income households and tougher lending rules on multiple-home owners.

The country’s household credit that reached a record high of 1,388.3 trillion won ($1,227.7 billion) as of the end of June has kept its growth pace amid housing boom regardless of earlier measures.

The government on Aug. 2 launched a set of tough actions by designating speculative areas for the first time in six years to rein in the runaway home prices.

Household loans extended by both banks and non-banks in August eased against a year ago period but still added 8.8 trillion won from a month earlier, according to Bank of Korea data released in September.

By Roh Seung Hwan and Cho Jeehyun

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