SEOUL, Nov. 25 (Korea Bizwire) – Following the recent suicide of a single mother in her 30s who was harassed by loan sharks, experts are calling for stronger enforcement of debt collection laws amid continuing reports of illegal collection practices. According to the Supreme Court’s Judicial Yearbook released November 24, only 13 cases (16.7%) out of [...]
SEOUL, Oct. 17 (Korea Bizwire) – The Alliance of National University Hospital Labor Unions in South Korea raised alarm on October 16 over the rapidly deteriorating financial health of the country’s public university hospitals. The coalition reported that in the first half of this year alone, 16 national university hospitals have already accumulated a total debt [...]
SEOUL, Oct. 11 (Korea Bizwire) — The Bank of Korea (BOK)’s first interest rate cut in 38 months highlighted the urgent need for South Korea to ease interest burdens on households and businesses to prop up sagging domestic demand despite concerns over rising home prices and household debts, experts said Friday. The BOK lowered its [...]
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, 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, Jun. 21 (Korea Bizwire) – The ongoing economic struggles faced by many South Korean households due to high interest rates and inflation have led to a surge in credit card debt, surpassing 40 trillion won last month. Additionally, the use of “balance transfer” loans, which allow borrowers to consolidate debt from one credit card to [...]
Stephen Fry, Annie Lennox, Christiana Figueres, Forest Whitaker, David Miliband, Graça Machel, Helen Clark and Paul Polman among 100+ signatories of letter to G20 leaders LONDON, Apr. 14 (Korea Bizwire) — Eighty years on from the establishment of the International Monetary Fund and World Bank, a coalition of leading actors, politicians, artists and economists have [...]
SEOUL, Mar. 28 (Korea Bizwire) — South Korea’s financial system remains relatively stable, but debt payment burden and asset deterioration may increase amid extended monetary tightening, a central bank report showed Thursday. In its report on financial stability, the Bank of Korea (BOK) said despite woes over a possible rise in soured property development-related loans [...]
SEOUL, Feb. 8 (Korea Bizwire) — President Yoon Suk Yeol pledged on Thursday to implement various policy support measures aimed at assisting small business owners and vulnerable groups struggling with loan repayments due to the impact of the COVID-19 pandemic. Yoon made the remarks during a government-public debate, the 10th in a series of sessions [...]
SEOUL, Jan. 12 (Korea Bizwire) – Troubled builder Taeyoung Engineering & Construction Co. has received 96.1 percent of support from creditors to move forward with a debt restructuring program, its main creditor said Friday. The level of support was higher than the 75 percent that Taeyoung was required to have for the debt rescheduling program, [...]