- Coreano
-
Inglés (US)
-
Inglés (UK)
¿Esto suena natural? [Bankruptcies on the Rise Among Young Koreans]
A growing number of Koreans in their 20s and 30s are filing for bankruptcy protection after borrowing heavily to make imprudent investments.
One in five people who turned to the Seoul Bankruptcy Court between July and August were in their 20s, rising to one in two if people in their 30s are included.
There has been a steep increase in bankruptcies among people in their 20s, rising from 245 in the first half of this year to 322 in July and 315 in August. They accounted for an unprecedented 19.6 percent of all bankruptcy protection filings in July and August.
In 2020, people in their 20s accounted for just 10.7 percent of bankruptcies, but their proportion doubled in just a year and a half. Two years ago the proportion of bankrupt people in their 20s and 30s stood at 42.5 percent, but it rose to 45.1 percent last year and 47.9 percent in the first half of this year.
The main reason seems to be an explosive increase in young people taking out loans to buy stocks or cryptocurrencies that turned sour and may be just the tip of the iceberg.
When apartment prices surged last year, many young people also took out huge loans to panic-buy starter homes before prices rose even further.
Now soaring interest rates and falling property values are feared to push many of these highly leveraged home owners to the brink.
Oh Jung-keun at Konkuk University said, "Since they don't own a lot of assets, young people have a tendency to make bold investments hoping to strike it rich. The Seoul Bankruptcy Court has changed regulations and lowered the bar for qualifying for bankruptcy protection, and the surge in young applicants shows just how many of them fell into debt after borrowing heavily to invest."
"Interest rates are expected to keep rising for the time being, while the chances are high that crypto and stocks will fall further, which means the financial conditions of investors will worsen," said Park Hyun-keun of the Korea Regenerative Bankruptcy Bar Association.
"It doesn't take a genius to see that more young people will knock on the doors of the bankruptcy courts."
A growing number of Koreans in their 20s and 30s are filing for bankruptcy protection after borrowing heavily to make imprudent investments.
One in five people who turned to the Seoul Bankruptcy Court between July and August were in their 20s, rising to one in two if people in their 30s are included.
There has been a steep increase in bankruptcies among people in their 20s, rising from 245 in the first half of this year to 322 in July and 315 in August. They accounted for an unprecedented 19.6 percent of all bankruptcy protection filings in July and August.
In 2020, people in their 20s accounted for just 10.7 percent of bankruptcies, but their proportion doubled in just a year and a half. Two years ago the proportion of bankrupt people in their 20s and 30s stood at 42.5 percent, but it rose to 45.1 percent last year and 47.9 percent in the first half of this year.
The main reason seems to be an explosive increase in young people taking out loans to buy stocks or cryptocurrencies that turned sour and may be just the tip of the iceberg.
When apartment prices surged last year, many young people also took out huge loans to panic-buy starter homes before prices rose even further.
Now soaring interest rates and falling property values are feared to push many of these highly leveraged home owners to the brink.
Oh Jung-keun at Konkuk University said, "Since they don't own a lot of assets, young people have a tendency to make bold investments hoping to strike it rich. The Seoul Bankruptcy Court has changed regulations and lowered the bar for qualifying for bankruptcy protection, and the surge in young applicants shows just how many of them fell into debt after borrowing heavily to invest."
"Interest rates are expected to keep rising for the time being, while the chances are high that crypto and stocks will fall further, which means the financial conditions of investors will worsen," said Park Hyun-keun of the Korea Regenerative Bankruptcy Bar Association.
"It doesn't take a genius to see that more young people will knock on the doors of the bankruptcy courts."
- Inglés (UK)
Poco natural
[BankruptciesBankruptcy on the Riserise Amongamong Youngyoung Koreans]
[BankruptciesBankruptcy on the Riserise Amongamong Youngyoung Koreans]
A growing number of Koreans, in their 20s and 30s, are filing for bankruptcy protection, after borrowing heavily, to make imprudent investments.
A growing number of Koreans, in their 20s and 30s, are filing for bankruptcy protection, after borrowing heavily, to make imprudent investments.
One in five people, who turned to the Seoul Bankruptcy Court between July and August, were in their 20s, rising to one in two, if peoplethose in their 30s arewere included.
One in five people, who turned to the Seoul Bankruptcy Court between July and August, were in their 20s, rising to one in two, if peoplethose in their 30s arewere included.
There has been a steep increase in bankruptcies among people in their 20s, rising from 245 in the first half of this year to 322 in July and 315 in August.
They accounted for an unprecedented 19.6 percent of all bankruptcy protection filings in July and August.
In 2020, people in their 20s accounted for just 10.7 percent of bankruptcies, but their proportion doubled in just a year and a half.
Two years ago, the proportion of bankrupt people in their 20s and 30s stood at 42.5 percent, but it rose to 45.1 percent last year and 47.9 percent in the first half of this year.
Two years ago, the proportion of bankrupt people in their 20s and 30s stood at 42.5 percent, but it rose to 45.1 percent last year and 47.9 percent in the first half of this year.
The main reason seems to be an explosive increase in young people taking out loans, to buy stocks or cryptocurrencies that turned sour and that may be just the tip of the iceberg.
The main reason seems to be an explosive increase in young people taking out loans, to buy stocks or cryptocurrencies that turned sour and that may be just the tip of the iceberg.
When apartment prices surged last year, many young people also took out huge loans to panic-buy starter homes before prices rose even further.
Now soaring interest rates and falling property values are feared to push many of these highly leveraged home owners to the brink.
Oh Jung-keun at Konkuk University said, "Since they don't own a lot of assets, young people have a tendency to make bold investments, hoping to strikemake it rich. The Seoul Bankruptcy Court has changed regulations and lowered the bar for qualifying for bankruptcy protection, and the surge in young applicants shows just how many of them fell into debt, after borrowing heavilylarge amounts to invest."
Oh Jung-keun at Konkuk University said, "Since they don't own a lot of assets, young people have a tendency to make bold investments, hoping to strikemake it rich. The Seoul Bankruptcy Court has changed regulations and lowered the bar for qualifying for bankruptcy protection, and the surge in young applicants shows just how many of them fell into debt, after borrowing heavilylarge amounts to invest."
"Interest rates are expected to keep rising for the time being, while the chances are high that crypto currencies and stocks will fall further, which means the financial conditions of investors will worsen," said Park Hyun-keunKeun, of the Korea Regenerative Bankruptcy Bar Association.
"Interest rates are expected to keep rising for the time being, while the chances are high that crypto currencies and stocks will fall further, which means the financial conditions of investors will worsen," said Park Hyun-keunKeun, of the Korea Regenerative Bankruptcy Bar Association.
"It doesn't take a genius to see that more young people will knock on the doors of the bankruptcy courts."
Was this answer helpful?
Obviously wrong
Explanation is not enough
Written in a language I can't understand
Answer is not related to the question
Other reason
- Coreano
With HiNative, you can have your writing corrected by both native speakers and AI 📝✨.
¿Qué significa este símbolo?
El símbolo de habilidad de lenguaje indica tu dominio en el lenguaje de interés. Establecer tu habilidad de idioma ayuda a otros usuarios a proveerte de respuestas que no son muy complejas o muy simples.
-
Principiante
Difícil de entender incluso respuestas cortas en este idioma.
-
Principiante-Intermedio
Capaz de hacer preguntas sencillas y puede entender respuestas sencillas.
-
Intermedio
Capaz de hacer cualquier tipo de preguntas generales y capaz de entender respuestas semi-largas.
-
Avanzado
Capaz de entender respuestas largas y complejas.
Show your appreciation in a way that likes and stamps can't.
By sending a gift to someone, they will be more likely to answer your questions again!
If you post a question after sending a gift to someone, your question will be displayed in a special section on that person’s feed.
Thank you very much! Your feedback is greatly appreciated.
