SEOUL, Sept. 4 (Korea Bizwire) – The government proposed raising the pension contribution rate to 13 percent from 9 percent and differentiating the pace of raising the contribution rate by age group, Health Minister Cho Kyoo-hong said, in what would be the biggest overhaul of the ailing pension system in 21 years. Details of the [...]
SEOUL, Sept. 3 (Korea Bizwire) — In South Korea, a rush for loans at internet banks is intensifying as the country’s five largest banks continue to impose lending restrictions. Customers are flocking to online lenders, which are perceived as more accessible, in a phenomenon known as “open runs” – where borrowers attempt to secure loans as [...]
SEOUL, Sept. 2 (Korea Bizwire) – Household loans extended by the country’s five major banks rose by the most on record last month despite warnings from the financial regulators and a series of rate hikes, industry sources said Monday. According to the sources, KB Kookmin, Woori and three others extended a combined 9.62 trillion won [...]
SEOUL, Sept. 1 (Korea Bizwire) – Banks in South Korea started tightening curbs on mortgage loans on Sunday, officials said, amid concerns over rising housing prices in Seoul and household debts. The move came as the Financial Services Commission asked banks to toughen screenings for new mortgage borrowers and allow them to take out loans [...]
SEOUL, Aug. 26 (Korea Bizwire) – The combined debt of the South Korean government and households has surged past 3 quadrillion won for the first time, according to recent data from the Ministry of Economy and Finance and the Bank of Korea. This milestone, reached at the end of the second quarter, equates to 127% of [...]
SEOUL, Aug. 23 (Korea Bizwire) — The financial regulator said Friday it launched a new centralized program to allow consumers to opt out of credit services, such as taking out new loans, a move aimed at preventing potential damage from voice phishing scams. More than 4,000 financial institutions have signed up for the new “credit [...]
SEOUL, Aug. 20 (Korea Bizwire) – South Korea’s household credit rebounded sharply in the second quarter of the year as home-backed loans increased in the face of tightened lending criteria and high rates, central bank data showed Tuesday. Outstanding household credit reached 1,896.2 trillion won (US$1.419 trillion) at the end of June, up 13.8 trillion [...]
SEOUL, July 10 (Korea Bizwire) – Early repayment charges on loans will be lowered from mid-January next year as financial regulators revised rules, officials said Wednesday. Under the revised rules, lenders will only be allowed to collect the actual cost of making or handling the loans repaid in advance, along with any actual loss stemming [...]
SEOUL, Jul. 8 (Korea Bizwire) – In a global comparison of household debt burdens, South Korea emerged as having the fourth-highest ratio of debt payments to income among major economies last year, according to data released by the Bank for International Settlements (BIS). The report, published on July 7, reveals that South Korea’s debt service ratio [...]
SEOUL, July 7 (Korea Bizwire) – The growth of household loans has shown signs of acceleration as combined household loans from the country’s five major banks surged by approximately 2.2 trillion won (US$1.6 billion) in just four days last week, financial data showed Sunday. According to the data, the total household loan balance of the [...]