Debts of the Self-Employed Soar

      September 15, 2015 13:04

      Bank loans by individual business owners have soared this year as household debt set a new record high of W1,130 trillion in June (US$1=W1,183).

      The Bank of Korea on Sunday said bank loans taken out by the self-employed amounted to W229.7 trillion as of the end of August, up W20.4 trillion from the end of last year.

      A BOK spokesman attributed the rise to a combination of factors including the low interest rate, an increase in the number of newly opened small businesses, and the government support for small businesses in the aftermath of the Middle East Respiratory Syndrome crisis.

      Loans to self-employed people rose from W13 trillion in 2011 to W18.8 trillion last year.

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