Undercover Asia: South Korea Edging Towards Bankruptcy

Published on April 26, 2020 by

Every minute, South Korea’s household debt rises by US$90 thousand dollars. Every 12 minutes, a Korean is declared bankrupt. Ordinary households now owe some 1.8 times their disposable income. The country’s 3 million mom and pop stores are taking out risky high interest rate loans, and even its high school students are borrowing from loansharks. Undercover Asia explores the deeper reasons behind South Korea’s household debt crisis, and whether COVID-19 may well tip the country over the edge.

Website: https://www.channelnewsasia.com/news/cnainsider

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