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Debt, Home Ownership Both Rise Among Middle-aged People in 2021: Data

Debt, Home Ownership Both Rise Among Middle-aged People in 2021: Data

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 [...]

Growing Number of Small Businesses Borrowing to Stay Afloat

Growing Number of Small Businesses Borrowing to Stay Afloat

SEOUL, Sept. 26 (Korea Bizwire) – Small owner-operated businesses are facing a crisis after relying on loans to survive the pandemic. South Korean credit service provider NICE Information Service reported that loans for sole proprietorships exceeded 688 trillion won (US$480 billion) as of late June this year, which was 8 percent more than late last [...]

Majority of Young Koreans Who Applied for Personal Rehabilitation Received Loans from Non-banking Institutions

Majority of Young Koreans Who Applied for Personal Rehabilitation Received Loans from Non-banking Institutions

SEOUL, May 5 (Korea Bizwire) — Eight out of 10 young people in their twenties who applied for personal rehabilitation took out loans from secondary financial institutions including credit cooperatives and savings banks, a survey showed Wednesday. The Seoul Financial Welfare Counseling Center conducted a survey of 512 young people in their twenties who completed [...]

S. Korea to Set Up Legal Support System for Adolescents with Inherited Debts

S. Korea to Set Up Legal Support System for Adolescents with Inherited Debts

SEOUL, Dec. 2 (Korea Bizwire) — The government plans to establish a legal support system to protect adolescents who lack legal awareness from going bankrupt due to the debts inherited from parents. The Ministry of Justice said Wednesday that it will preemptively identify teenagers who need legal advice related to inheritance and provide them with [...]