SEOUL, Dec. 27 (Korea Bizwire) — An increasing number of people are struggling to pay back loans with as interest rates continue to rise, a central bank report said Monday. The Bank of Korea (BOK) reported that the average debt service ratio (DSR) of mortgage borrowers in the third quarter of this year reached 60.6 [...]
SEOUL, Dec. 20 (Korea Bizwire) — Nearly 60 percent of South Koreans aged between 40 and 64 held debt in 2021 as more people took out loans to purchase houses amid soaring property costs, data showed Tuesday. The proportion of middle-aged South Koreans who borrowed money from banks or other financial institutes came to 57.3 [...]
SEOUL, Nov. 28 (Korea Bizwire) — South Korea will push to change regulations in a way that would allow investors to know how much they would receive in dividends before buying stocks in a bid to attract more foreign investment in the local equity market, a senior official of the country’s top financial regulator said [...]
SEOUL, Nov. 16 (Korea Bizwire) — Seven in 10 Koreans with mortgage loans saw their interest burden increase compared to last year amid a steep increase in interest rates, a poll showed Tuesday. According to a survey conducted by home matching platform Zigbang Co. of 948 users of its application, 41.4 percent of the respondents [...]
SEOUL, Nov. 3 (Korea Bizwire) — Alarm bells are ringing for South Korea’s credit card industry, which has many vulnerable debtors, including those with low income and low credit scores, as the repayment capability of debtors is showing signs of deteriorating due to the recent hike in the benchmark interest rate. The nation’s seven major [...]
SEOUL, Nov. 2 (Korea Bizwire) — A South Korean credit card company has released a new card targeting consumers who actually want to pay on an installment plan at places like restaurants but hesitate to do so in fear of losing face in front of their acquaintances. LOCA NANUGI Card, released by Lotte Card Co., [...]
SEOUL, Oct. 21 (Korea Bizwire) — South Koreans are flocking to savings banks after they raised interest rates for deposits and installment savings. Since Wednesday, the Korea Federation of Savings Banks (KSFB) website and a number of savings bank apps, including OK Savings Bank Co. that uses the KSFB servers, have been shut down due [...]
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 [...]
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 [...]
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 [...]