Debt by self-employed on rapid surge amid economic slowdown in Korea
A pedestrian carries a plastic shopping bag
Seoul - Yonhap
The amount of debt owed by the self-employed in South Korea has snowballed in the past four years, far surpassing the growth pace of corporate and mortgage loans amid an economic slowdown, industry data showed Sunday.
The combined loans to the self-employed by Korea's five largest commercial banks amounted to 134 trillion won (US$122.5 billion) as of end-October, adding 40 trillion won from the end of 2010, according to the data.
Loan totals were provided by Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank and NH Bank.
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