The number of South Koreans in debt beyond their means surged nearly 48 percent in the past three years amid low interest rates and relaxed real estate regulations, data by the office of National Assembly Speaker Chung Sey-kyun showed Tuesday.

As of the end of June, 1.18 million people in the country had a debt service ratio of 100 percent or higher, up 47.5 percent from the end of 2014. The number has continued to rise since 2013, reaching 800,000 at the end of 2014.

The report is based on data from credit appraiser NICE Investors Service, covering borrowers from local banks and non-bank lenders, and excluding defaulters.

South Korea debtors totaled 18.57 million as of end-June with their combined debt reaching 1,439 trillion won ($1.26 trillion).