1.57 million South Koreans are using their entire income to ”pay off debt”

It was found that there are nearly 1.6 million people in South Korea who are using all of their income to pay off debts and interest.
However, according to documents obtained from the Bank of Korea, of the 19.72 million household debtors at the end of the second quarter of this year (April to June), 2.75 million people (
Of these, 1.57 million people (7.9%) are spending more than 100% of their annual income on former interest repayments. Rep. Choi said, "About one-third of vulnerable debtors with low incomes and credit ratings are struggling to make repayments.
"This is causing financial difficulties for households," he said, adding, "Financial authorities should thoroughly examine the debt burdens of household debtors and take measures."