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Debt of Households, Self-employed Estimated to Exceed 2,000 tln Won

Debt of Households, Self-employed Estimated to Exceed 2,000 tln Won

SEOUL, Jan. 5 (Korea Bizwire) — Debt incurred by households and self-employed businesses in South Korea is estimated to surpass 2,000 trillion won (US$1,713 billion) as of September last year, according to central bank data on Sunday. Outstanding household loans came to 1,481 trillion won at the end of last September, up 13.6 trillion won [...]

Personal Bankruptcies on the Rise Among Young S. Koreans

Personal Bankruptcies on the Rise Among Young S. Koreans

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 [...]

45 pct of Household Debt Belongs to Top 20 pct of the Population

45 pct of Household Debt Belongs to Top 20 pct of the Population

SEOUL, Dec. 21 (Korea Bizwire) — New data shows that wealthy South Koreans are more indebted than ever, meaning that so called “the rich getting richer” phenomenon in household debts is becoming ever more serious. It is estimated that the top income bracket borrowed additional money to purchase real estate, but higher housing prices led [...]

Banks Encouraged to Provide Policy Loans to Desperate Borrowers

Banks Encouraged to Provide Policy Loans to Desperate Borrowers

SEOUL, Dec. 21 (Korea Bizwire) — The financial regulator said Friday it will encourage banks to provide mid-rate policy loans worth 1 trillion won (US$886 million) to desperate borrowers from next year, as part of ongoing efforts to relieve their debt burdens. About 3 million borrowers, who have no option but to borrow money from [...]

Government to Forgive 480 Billion Won of Small Business Debt

Government to Forgive 480 Billion Won of Small Business Debt

SEOUL, Jul. 23 (Korea Bizwire) — The government has decided to acquire 480 billion won of debt incurred over 10 years ago by small business owners, of which most will be written off. Meanwhile, an additional 1 trillion won will be pumped into the “Make it Happen” loan program for small business owners, which was [...]