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Rising Delinquency: Young South Koreans Struggle with Loan Repayment

Rising Delinquency: Young South Koreans Struggle with Loan Repayment

The number of young South Koreans facing delinquent loans has surged dramatically over the past three years, with alarming statistics revealing a 25.3 percent increase in borrowers aged 20 to 29. As of July, 65,887 individuals in this age group have been classified as "delinquent borrowers" by the Korea Credit Information Services, highlighting a significant concern for the nation's financial health. In contrast, the overall delinquent borrower count across all age groups rose by a modest 8 percent during the same period. The data indicates that many young individuals are struggling to repay their debts, with a large portion failing to meet their bank loan obligations. Contributing factors include a sluggish job market and economic downturn, which have left many young people without stable employment. This situation poses serious challenges for their financial futures, affecting their ability to secure loans and maintain good credit ratings.

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