Korea’s Young and Old Borrowed Big to Chase Stocks. Now the Bills Are Due, and It's Not Pretty.
3 Articles
3 Articles
Overdue amounts on overdraft accounts at the five major banks surged by 33.2% in just six months. Notably, delinquency rates were highest among those aged 60 and older and those aged 20 and younger. Securities-backed loans also show an overwhelming proportion of borrowers among the elderly, while the rapid rise in the loan growth rate for the youth group increases the risk associated with personal leveraged investment.
(Seoul = Yonhap News) Reporters Han Ji-hoon, Im Ji-woo, and Lee Do-heun = It appears that young adults and the elderly who borrowed money to invest in stocks have fallen into loan delinquency.
Korea’s young and old borrowed big to chase stocks. Now the bills are due, and it's not pretty.
Young and older Korean investors who borrowed to chase the stock market rally are now facing mounting losses and rising loan delinquencies as share prices fall. Data show the highest credit and overdraft delinquency rates among borrowers in their 20s and those 60 and older.
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