Seoul: South Korea's household credit continued to increase in the third quarter of the year as home-backed loans continued to jump in the face of tightened lending criteria and high rates, central bank data showed Tuesday. Outstanding household credit reached 1,913.8 trillion won (US$1.372 trillion) at the end of September, up 18 trillion won from three months earlier. According to Yonhap News Agency, the third-quarter growth marks a gain for a second consecutive quarter after the 13.4 trillion-won advance. Household credit refers to credit purchases and loans to households by financial institutions. The rise in household loans came despite high borrowing costs, driven by the Bank of Korea's series of interest rate hikes to bring inflation under control, and tightened lending criteria. Of the total, household loans stood at a record high of 1,795.8 trillion won at the end of September, up 16 trillion won from three months earlier. Mortgage loans increased by 19.4 trillion won during the third quarter of th e year, accelerating from the previous quarter's 16 trillion-won rise, while other types of household loans fell 3.4 trillion won over the cited period, compared with the previous quarter's 2.7 trillion-won fall. Last month, the country's central bank slashed its key rate by a quarter percentage point to 3.25 percent amid moderating inflation and slackening domestic demand. The Bank of Korea delivered seven consecutive rate hikes from April 2022 to January 2023.