May 03, 2023 13:22
The number of people who file for bankruptcy or personal insolvency after failing to repay their debts surpassed 70,000 during the first quarter of this year, up more than 40 percent compared to the same period of 2022. But this is only the beginning as more and more small business owners took out loans over the last several years to ride out the coronavirus pandemic and young Koreans borrowed money to invest in real estate and cryptocurrencies. Now surging interest rates have led to a sharp increase in debt defaulters at commercial banks, savings banks and other lenders.
The delinquency rate at loan sharks has already surpassed 10 percent, while debtors who are three months overdue and considered insolvent at sa…
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