While the overall number of people filing for personal bankruptcy has shrunk in other age groups, those in their 20s were the only age group increasingly filing for personal bankruptcy. (image: Korea Bizwire)
SEOUL, Oct. 7 (Korea Bizwire) — Fewer South Koreans are filing for personal bankruptcy, with the notable exception of those in their 20s, the only age group for which bankruptcies are actually increasing.
The Supreme Court reported to Rep. Kim Byung-wook that the number of personal bankruptcies among 20-somethings increased from 691 cases in 2015 to 811 in 2018, up 17.3 percent.
This year, 411 cases have already been filed for personal bankruptcy as of June.
While the overall number of people filing for personal bankruptcy has shrunk in other age groups, those in their 20s were the only age group increasingly filing for personal bankruptcy.
The number of personal bankruptcies dropped by 15.2 percent among those in their 30s, 28.4 percent among those in their 40s, 23.5 percent among those in their 50s, 4.2 percent among those in their 60s, 9.5 percent among those in their 70s, and 11.5 percent among octogenarians.
“Those in their 20s often have low credit ratings, which forces them to borrow money from non-bank financial institutions,” said Kim.
H. M. Kang (hmkang@koreabizwire.com)
