K-Herald

Koreans Shoulder Crushing Debt Burden

by 조선편집국 posted Nov 16, 2016
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The average 53-year-old Korean man shoulders a debt of a whopping W91.7 million, according to a study released by the Korea Credit Information Services on Tuesday (US$1=W1,167).
One in 10 people are indebted even at the age of 19, and 5.5 out of 10 are in debt by the time they reach 35. Reliance on borrowed money continues into old age. Some 4.6 out of 10 are still indebted by the time they are 61.
Koreans finally shed their debt by the age of 85, but those who still have not repaid it are extremely likely to default.
The KCIS analyzed the financial transaction patterns of around 18 million adults. The study showed that the age with the largest amount of debt was 53, but the highest delinquency rate was among 22-year-olds.
The average delinquency rate among people between 19 and 35 stood at 1.2 percent, which is higher than among those over 36. Delinquency rates among people under 25 years tend to be high if they have started using credit cards and taken out loans.
Elderly women who take out small loans of less than W10 million to cover living expenses are also at high risk of defaulting on them when their husbands die.

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