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SURGING CREDIT DELINQUENCY POSES SOCIOECONOMIC DILEMMA IN KOREA.
SEOUL, Dec 1 Asia Pulse - According to the Korea Federation of Banks, the number of individual credit delinquents hit 3,596,168 in October, up 2.69 per cent from a month ago.
The figure means that 15.5 out of every 100 of the nation's 23.2 million economically-active people aged 15-64 have bad credit.
The delinquents far exceed the 2.4-million level, presented as optimal by the Korea Development Institute, that the economy can endure.
The prime cause of the soaring delinquency is related to credit cards.
Among all delinquents, 63.5 per cent have failed to cover their bills or repay cash advances.
Broken down into age groups, 1,800,146 were in their 40s or older, 1,081,432 were in their 30s, 709,102 were in their 20s and 5,448 were teenagers.
The problem is the numbers show no sign of decreasing.
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- News wire article from: ANT - LKBN ANTARA (Indonesia) February 27, 2004 700+ words
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- News wire article from: YON - Yonhap News Agency of Korea June 15, 2004 700+ words
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- News wire article from: YON - Yonhap News Agency of Korea June 15, 2004 700+ words
...follow suit. In South Korea, credit card firms and their creditors have...in nonperforming loans as many credit card holders have been unable to pay...economy, but this led to heavy credit card debts. (THROUGH ASIA PULSE)
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- News wire article from: ANT - LKBN ANTARA (Indonesia) August 11, 2004 700+ words
...government to make the central bank the sole controller of credit card distribution, its governor, Burhanuddin Abdullah, said...the central bank is responsible for the monitoring of credit card distribution. (THROUGH ASIA PULSE)
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- News wire article from: AsiaPulse News February 20, 2004 700+ words
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- News wire article from: AsiaPulse News January 27, 2006 700+ words
SYDNEY, Jan 27 Asia Pulse - Credit card debt has reached an unprecedented...States last year requiring credit card providers to include a one...repayment "health warnings" on credit card statements last March. ASIA PULSE 27-01 1538