This study examines the debt vulnerability of Korean households across age groups and compares it with eight European countries. Using data from the 2012-2022 Survey of Household Finances and Living Conditions (SHFLC) and the Household Finance and Consumer Survey (HFCS, waves 1-4), we observe that elderly households (aged 60+) in Korea exhibit higher shares and average values of household debt compared to their counterparts in European countries. Our analyis of multiple debt vulnerability indicators reveals that elderly households in Korea face financial constraints related to liquidity. Moreover, with a higher proportion of adjustable-rate mortgages and lower income stability in comparison to European countries, Korean elderly households are more susceptible to adverse macro-finance aggregate shocks. These findings underscore the importance for policymakers in Korea to consider age-specific financial conditions when devising household debt policies and emphasize the need to enhance liquidity and income stability for elderly households.