Why South Koreans In Their 20s and 30s Are Going Bankrupt From Debt

How do young South Koreans owe so much money? As of September 2019, the Bank of Korea estimated there is US$1.28 trillion in household debt, including student loans, mortgages and credit card debts. The ratio of household debt to GDP is one of the highest in the world.
If you do not qualify for low-interest loans by banks, insurance and credit cards companies, you can borrow from private moneylenders, whose interest rates go up to 500%.
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Youth unemployment is high: One in 10 South Koreans aged 15 to 29 is jobless. And yet, more are racking up huge credit card bills, because of high credit limits. One South Korean goes bankrupt every 12 minutes. And debt is a top reason for suicide attempts - the Mapo Bridge in Seoul is one hotspot.
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