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Household Credit Soars in Q2 Despite High Borrowing Costs

Household Credit Soars in Q2 Despite High Borrowing Costs

SEOUL, Aug. 22 (Korea Bizwire) — South Korea’s household credit soared in the second quarter of the year amid high interest rates as home purchases gathered steam, central bank data showed Tuesday. Outstanding household credit reached 1,862.8 trillion won (US$1.38 trillion) at the end of June, up 9.5 trillion won from three months earlier, according [...]

S. Korea to Offer Low-interest Loans for Nuclear Energy Firms

S. Korea to Offer Low-interest Loans for Nuclear Energy Firms

SEOUL, Aug. 9 (Korea Bizwire) — South Korea’s industrial ministry said Wednesday it plans to offer a second batch of low-interest loans worth 150 billion won (US$113.6 million) to support nuclear energy firms, which suffered an earnings cut following the previous administration’s nuclear phaseout policy. The loan program was initiated in response to the declining [...]

One-stop Platform for Lower-interest Credit Loan Repayments Gains Popularity

One-stop Platform for Lower-interest Credit Loan Repayments Gains Popularity

SEOUL, June 22 (Korea Bizwire) — A one-stop online platform for borrowing money to repay credit loans at a lower interest rate is gaining popularity. The loan service for repayment, which was launched last month, has resulted in 19,778 applications and a loan asset transition of 500.5 billion won (US$386 million) as of Wednesday, according [...]

Financial Regulator Launches Loan-exchange Program for Better Conditions and Benefits

Financial Regulator Launches Loan-exchange Program for Better Conditions and Benefits

SEOUL, May 31 (Korea Bizwire) — The Financial Services Commission on Wednesday launched an Online One-stop Loan-Exchange Infrastructure program to assist consumers in exchanging their old credit loans for better conditions and benefits. Loans eligible for the program include worker’s loans below 1 billion won (US$753,860) provided by 53 financial companies, credit lines, and other [...]

Borrowers Spend 60 pct of Monthly Income to Pay Back Mortgages: BOK

Borrowers Spend 60 pct of Monthly Income to Pay Back Mortgages: BOK

SEOUL, Dec. 27 (Korea Bizwire) — An increasing number of people are struggling to pay back loans with as interest rates continue to rise, a central bank report said Monday. The Bank of Korea (BOK) reported that the average debt service ratio (DSR) of mortgage borrowers in the third quarter of this year reached 60.6 [...]

Debt, Home Ownership Both Rise Among Middle-aged People in 2021: Data

Debt, Home Ownership Both Rise Among Middle-aged People in 2021: Data

SEOUL, Dec. 20 (Korea Bizwire) — Nearly 60 percent of South Koreans aged between 40 and 64 held debt in 2021 as more people took out loans to purchase houses amid soaring property costs, data showed Tuesday. The proportion of middle-aged South Koreans who borrowed money from banks or other financial institutes came to 57.3 [...]

Households Opt for Early Redemption of Credit Loans amid Rising Interest Rates

Households Opt for Early Redemption of Credit Loans amid Rising Interest Rates

SEOUL, Oct. 19 (Korea Bizwire) — A growing number of South Koreans are redeeming their credit debts prior to their expiration date due to heavier financial burdens caused by rising interest rates, with some even willing to pay penalties for redeeming debts prior to the due date. Rep. Yun Chang-hyun of the People Power Party [...]