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One in Three Borrowers From Insurers in South Korea Saddled With Multiple Loans

One in Three Borrowers From Insurers in South Korea Saddled With Multiple Loans

SEOUL, Mar. 18 (Korea Bizwire) – As concerns grow over household debt levels in South Korea, a new analysis has found that nearly one-third of those who have taken out loans from insurance companies are overwhelmed by obligations to multiple lenders, raising fears of potential defaults. The study by Lee Suk-ho, a senior research fellow at [...]

S. Korea Taking Steps over Default of Legoland Theme Park Financing: Finance Chief

S. Korea Taking Steps over Default of Legoland Theme Park Financing: Finance Chief

SEOUL, Oct. 21 (Korea Bizwire) — Finance Minister Choo Kyung-ho said Friday that the government is taking “necessary measures” regarding a default in project financing for the construction of the Legoland amusement part in Gangwon Province. Iwon Jeil Cha, a special purpose company established by the Gangwon Jungdo Development Corp. (GJC) to fund the construction [...]

Loans, Default Rate Both Increase for Self-employed in 2018

Loans, Default Rate Both Increase for Self-employed in 2018

SEOUL, Apr. 1 (Korea Bizwire) — Loans and the loan default rate both rose for the self-employed last year, the regulator’s data showed Monday. The loans extended to the self-employed totaled 389.8 trillion won (US$342.83 billion) at the end of the third quarter last year, up 13.9 percent from the same period of the previous [...]

Number of College Graduates Defaulting on Student Loans up 8 Times in 3 Years

Number of College Graduates Defaulting on Student Loans up 8 Times in 3 Years

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 [...]

Over 1.3 Mln Households at Default Risk: Lawmaker

Over 1.3 Mln Households at Default Risk: Lawmaker

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 [...]