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Households Opt for Early Redemption of Credit Loans amid Rising Interest Rates

Households Opt for Early Redemption of Credit Loans amid Rising Interest Rates

SEOUL, Oct. 19 (Korea Bizwire) — A growing number of South Koreans are redeeming their credit debts prior to their expiration date due to heavier financial burdens caused by rising interest rates, with some even willing to pay penalties for redeeming debts prior to the due date. Rep. Yun Chang-hyun of the People Power Party [...]

Young Single-person Households Focus More on Savings than Consumption

Young Single-person Households Focus More on Savings than Consumption

SEOUL, Oct. 4 (Korea Bizwire) — South Korea’s young, single-person households are focusing on their savings, contrary to previous expectations that they would focus on consumption, influenced by the YOLO — You Only Live Once — culture, a report showed Monday. KB Financial Group Research Institute conducted a nationwide survey of 2,000 male and female [...]

Personal Bankruptcy Filings Remain High Due to Pandemic

Personal Bankruptcy Filings Remain High Due to Pandemic

SEOUL, Oct. 3 (Korea Bizwire) — The number of personal bankruptcy filings neared 50,000 last year amid a prolonged economic slowdown resulting in part from the COVID-19 pandemic. According to the National Court Administration, the number of personal bankruptcy cases filed in court across the country totaled 49,063 last year, down 2.6 percent from a [...]

1 Out of 8 Mid-aged People Borrowed Money to Tide over Pandemic: Survey

1 Out of 8 Mid-aged People Borrowed Money to Tide over Pandemic: Survey

SEOUL, Aug. 7 (Korea Bizwire) — About one out of eight mid-aged people in South Korea has borrowed money due to economic challenges caused by the coronavirus pandemic, a survey showed Sunday. According to the survey of 3,923 people by the Korea Institute for Health and Social Affairs, 12.5 percent of people in their 40s [...]

Overseas Stock Dealings Dip in H1 on Weak Equity Markets

Overseas Stock Dealings Dip in H1 on Weak Equity Markets

SEOUL, July 18 (Korea Bizwire) — South Koreans’ transactions of foreign stocks fell sharply in the first half of the year from six months earlier on bearish overseas equity markets, with their bond trading edging up, data showed Monday. Local investors’ transactions of overseas shares were valued at US$167.99 billion in the January-June period, down [...]

Gov’t, Ruling Party to Allow Low-priced Home Owners to Opt for Fixed-rate Borrowing

Gov’t, Ruling Party to Allow Low-priced Home Owners to Opt for Fixed-rate Borrowing

SEOUL, July 17 (Korea Bizwire) — The government and the ruling party on Sunday agreed to allow low-priced home owners to replace their floating rate-based borrowing with fixed ones as part of efforts to help ease their financial burden amid fast-rising borrowing costs. The decision was made at a policy consultation meeting between the government [...]

Short-term Deposit and Installment Saving Products Gaining Popularity

Short-term Deposit and Installment Saving Products Gaining Popularity

SEOUL, July 11 (Korea Bizwire) — Short-term saving products are gaining popularity as the stereotype of saving money by pouring money into deposit or installment saving products for more than one year has lost appeal. KakaoBank Corp., a South Korean internet-only bank, released the ’26 week-long installment saving product’ in June 2018, and the number [...]

Policy Loans Taken Out by Seniors from Insurance Firms Surge Last Year

Policy Loans Taken Out by Seniors from Insurance Firms Surge Last Year

SEOUL, July 5 (Korea Bizwire) — Loans issued to seniors over 60 years of age from insurance companies jumped last year, a lawmaker said Monday, citing data from the Financial Supervisory Service. Loans taken out by seniors over 60 years of age from insurance companies reached 11.16 trillion won (US$8.55 billion) as of late December [...]