'Debt Rollover' Among People in Their 30s Increased by 40,000 in One Year

Bank of Korea, Data Submitted by Jin Sun-mi's Office
Number of Multi-Debtors in Their 30s Increased by 40,000 in One Year

The number of people in their 30s who borrowed money from three or more financial institutions, known as 'multiple debtors,' increased by 40,000 within a year. According to data submitted by the Bank of Korea to Jin Sun-mi, a member of the Democratic Party of Korea, on the 17th, the number of 'vulnerable borrowers' aged 30 and under was 460,000 as of the end of last year, up by 40,000 compared to the previous year. Additionally, 36.5% of the total 1.26 million vulnerable borrowers were aged 30 or younger.

Vulnerable borrowers refer to those who have borrowed from three or more financial institutions and are either low credit (grade 7 or below) or low income (bottom 30%). They are essentially living by 'rolling over debt.'

The total loan amount of vulnerable borrowers was 93.9 trillion won, an increase of 1.1 trillion won compared to a year ago. The delinquency rate on household loans also rose by 0.1 percentage points across all age groups compared to the previous year. It was 0.5% for those aged 30 and under, 0.6% for those in their 40s and 50s, and 0.7% for those aged 60 and above. Representative Jin said, "With the trend of high interest rates, the increase in loans and delinquencies among vulnerable borrowers raises significant concerns about the growing interest burden, especially for the youth and elderly."

This content was produced with the assistance of AI translation services.