KUALA LUMPUR (Oct 10): Malaysia household debt grew at the slowest rate of 9.9% to RM904.3 billion from January-June 2014, representing 86.7% of nominal GDP, said the Ministry of Finance’s Economic Report 2014/2015.

Total household loans outstanding expanded 11.1% to RM732.9 billion, compared to RM693 billion at the end-2013 and accounted for 57.6% of total loans outstanding in the banking system as at end-July 2014.

During the period, majority of household loans disbursed were for consumption credit and purchases of residential properties.

Credit card utilisation grew 3.5% to 200.2 million transactions worth RM60.2 billion this year in the first seven months of 2014.

Nevertheless, the report said the risk to domestic financial stability is still “well-contained”.