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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 [...]

Low-income Group’s ‘Deficit Life’ Unchanged Over Past 10 Years

Low-income Group’s ‘Deficit Life’ Unchanged Over Past 10 Years

SEOUL, May 13 (Korea Bizwire) — The living conditions of low-income South Koreans have not improved over the past 10 years. Income polarization accelerated during this period as the income of the upper 20 percent increased sharply, dwarfing the marginal increase in the income of the bottom 20 percent. Statistics Korea’s household trend survey showed [...]