More Koreans Drowning in Debt to Join Stock Bonanza

  • By Lee Kyung-eun

    September 10, 2021 13:30

    More people are sinking deeper into debt as they join the stock market frenzy with borrowed money even after the Bank of Korea hiked the base interest rate.

    Households' credit balance increased W903.6 billion in August to W25.4 trillion (US$1=W1,169).

    According to the Korea Financial Investment Association on Thursday, the total balance of money borrowed for stock transactions stood at W25.4 trillion.

    An analyst said people are still betting on the stock market even as the bubble is deflating. "The recent increase in individual shareholders of Samsung Electronics verifies that," he added.

    The Korea Exchange said Thursday that individuals bought another W7.4 trillion worth of Samsung Electronics shares in the past month although foreigners and institutions dumped them.

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