SEJONG, Feb. 21 (Korea Bizwire) – The South Korean government is planning on new measures to support the livelihood of low-income families, who are among those suffering the most from the country’s recent economic struggles. According to officials, South Korea’s household credit jumped by 11.7 percent in 2016 compared to the year prior, setting a [...]
SEOUL, Jan. 20 (Korea Bizwire) – South Korea boasts among the world’s highest college entrance and completion rates. In 2014, 45 percent of Koreans aged 25 to 64 had completed tertiary education, ranking sixth amongst OECD countries. The college entrance rate is at about 68 percent. Of course, education doesn’t come cheap. Average annual tuition [...]
SEOUL, Jan. 11 (Korea Bizwire) – A recent analysis by the Hana Institute of Finance revealed that although Korea has a relatively stable financial market compared to 24 other emerging markets around the world, increasing corporate debt is becoming a serious risk. In its financial risk assessment, the institute analyzed five categories, including corporate debt, [...]
SEOUL, Dec. 20 (Korea Bizwire) – A growing number of small and medium enterprises (SMEs) in South Korea are turning to high-interest loans from nonbank lenders as banks tighten their loan screening, data showed Tuesday. As of end-October, outstanding SME loans from nonbank financial institutions came to 76.6 trillion won (US$64.4 billion), up 31.2 percent [...]
SEOUL, Nov. 24 (Korea Bizwire) – South Korea said Thursday it will soon introduce a new early warning system for potential risks from the nation’s massive household debt, especially as interest rates here may soon start an upward trend. Household debt totaled 1,295.8 trillion won (US$1.1 trillion) as of the end of September, up 3 [...]
SEOUL, Nov. 2 (Korea Bizwire) – South Korea’s top financial regulator, nominated to lead the finance ministry, on Wednesday vowed to make all-out efforts to address the household debt problem. Yim Jong-yong, chairman of the Financial Services Commission (FSC), described it as a potential “core risk factor” especially as South Korea may have to raise [...]
SEJONG, Oct. 31 (Korea Bizwire) – The number of college graduates who failed to pay back their student loans jumped nearly eight times in three years, data showed Monday, in the latest sign of financial trouble for young South Korean workers. Under the student loan program that began 2010, college graduates are required to pay [...]
SEOUL, Oct. 12 (Korea Bizwire) – Household loans extended by local banks rose 11.8 percent in September from a year earlier due to an increase in collective loans, central bank data showed Wednesday. Outstanding household loans from local lenders came to 688.4 trillion won (US$613 billion) as of end-September, compared with 615.7 trillion won from [...]
SEOUL, Sept. 27 (Korea Bizwire) – A growing number of South Korean households face the risk of defaulting on their debts, a potential “time bomb” for Asia’s fourth-largest economy, a lawmaker said Tuesday. The number of “marginal” households came to 1.34 million as of March last year, a sharp increase from 1.12 million three years [...]
SEOUL, Sept. 26 (Korea Bizwire) – South Koreans held an average of 27,371 euros (US$30,703) in financial assets, excluding liabilities, in 2015, placing the country 21st among 53 surveyed in the Allianz Global Wealth Report released on Monday that also noted their spiking debt. The sum in financial assets marks an increase of approximately 3,000 [...]