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Credit crunch gets real for households as banks hit limits early

It's only going to get tougher for households to borrow from banks as the year wears on.

2021-10-11

FSC gets serious about reducing household debt

The Financial Services Commission (FSC) will tighten household lending through next year, FSC chairman Koh Seung-beom said on Tuesday during a meeting with heads of financial regulators. It will focus on loans from banks and private lenders ...

2021-09-28

BOK report suggests interest rate hike could be imminent

The Bank of Korea stressed the need to further raise the country's key interest rate to resolve worsening financial imbalances in its financial stability report published Friday.

2021-09-24

Korea eyes additional measures to curb household debt: finance chief

Finance Minister Hong Nam-ki said Wednesday the government will explore additional measures to curb household debt, including tighter lending rules at non-banking institutions, if needed.

2021-09-15

Why money matters

As controversy over the basic income promise escalated, 1976 Nobel Prize-winning economist Milton Friedman’s name was recalled. As the godfather of monetary policy, Friedman — famous for the axiom “money matters” — mentioned four...

2021-09-07

Populism out of control

One hundred million won ($86,000) is big money for ordinary citizens. Those who struggled to pay off any debt know it well. If you borrow 100 million won through mortgage loans with relatively low interest rates, you should repay...

2021-09-05

National debt to hit 1,000 trillion won with blowout budget

National debt is expected to exceed 1,000 trillion won for the first time next year. With the government sticking to an expansionary fiscal policy and debt ballooning rapidly, people are likely to pay more in taxes.

2021-08-31

Household borrowing to be capped by annual income

Households will only be able to borrow as much money as their annual income as financial authorities try to curb the country’s growing household debt.

2021-08-29

Household debt rises by record amount in second quarter

Household debt rose 10.3 percent on year in the second quarter to 1,805.9 trillion won, hitting a new record as Koreans borrowed big to buy into initial public offering and to finance real estate.

2021-08-24

A shortsighted solution

Commercial banks have abruptly hit the brakes on consumer loans. People facing hardship due to Covid-19 and those who relied on borrowing for housing and stock buying are panicking.NH Nonghyup Bank announced it won’t be extending...

2021-08-23

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