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All alone

A loan counter sits empty at a bank located in Seoul on Monday, the first day that government restrictions on unsecured loans went into effect. The restrictions are to prevent people from using the borrowed money to purchase property and targets borrowers who earn more than 80 million won ($72,000) in salary and take out unsecured loans exceeding 100 million won. The government will recall the money if the borrowed amount is used to purchase a property. A 40-percent debt service ratio will be applied to new loans from Monday. This means the yearly payments on a loan can not exceed 40 percent of the borrower's salary. [YONHAP]

A loan counter sits empty at a bank located in Seoul on Monday, the first day that government restrictions on unsecured loans went into effect. The restrictions are to prevent people from using the borrowed money to purchase property and targets borrowers who earn more than 80 million won ($72,000) in salary and take out unsecured loans exceeding 100 million won. The government will recall the money if the borrowed amount is used to purchase a property. A 40-percent debt service ratio will be applied to new loans from Monday. This means the yearly payments on a loan can not exceed 40 percent of the borrower's salary. [YONHAP]

 
 
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