“Isn’t it a big sin to try to make money easily on my subject? Like a dirt spoon, I had to save 500,000 won a month and live my life, just putting it in my mouth, but what if I can’t be a person who can’t do anything?”
In March, Mr. A in his 20s, living in Seoul, raised 8 million won with all his assets, a deposit of 32 million won for one room, and a negative bankbook, a so-called ‘card gang’ (an illegal discount loan that is received in cash after making payment with a credit card). did.
A invested 40 million won in coins with the expectation that he would be able to earn a lot of money. But within two months, the principal was all gone.
Fear of an interest rate hike is growing among the 2030 generation, who did not hesitate to ‘get souls’ or ‘debt investment’ (invest with debt) amid the frenzy of investment in real estate, stocks, and virtual assets.
On the 24th, Bank of Korea Governor Lee Ju-yeol made a de facto declaration of interest rate hikes within the year. He also said that even if two raises are made within the year, it will not be tightened. As interest rates rise, the burden on borrowers also increases. This is the reason why there is growing concern about the impact of individuals who have even ventured into ‘Young-Chul’. Especially among those in their 20s who have made aggressive investments, the ‘sound of the song’ is already being heard.
In the coin online community, the self-help complaints of the 2030 generation, who are heartbroken by the recent plunge in the coin market, are coming up.
Investor B in his 20s, who lives in Cheongju, said, “I borrowed 35 million won on credit to invest in bitcoin, but I lost it all. “, he posted.
Another investor in his 30s, Mr. C, said, “I lost all of my marriage funds by investing 10 million won thinking that I could become wealthy while enjoying a little profit with coins.” “I got a loan with the intention of recovering only the principal, but I lost all of the loan. ‘ he complained.
He added, “I heard the advice not to invest in debt, but when I saw the coin market that travels dozens of times a day, nothing came into my eyes and ears.”
There are also voices calling for alternatives and related support measures to minimize the impact of insolvency and debt management of the youth.
In a recent report, senior research fellow at the Korea Financial Research Institute, Shin Yong-sang, said, “In regards to loans to young people, it is necessary to strictly separate the vulnerable borrowers from the speculative demand groups, and prepare differentiated support measures and measures to block speculative demand, such as blocking the supply of funds and strengthening financial education. “he emphasized.
According to a report on ‘Domestic Household Debt Risks and Preemptive Management Plans’ released by the Korea Financial Research Institute on the 13th, 58.4% of new borrowers were in their 20s and 30s as of the third quarter of last year. Among new borrowers, the proportion of young people in their 30s and younger exceeded half in 2018 (51.9%), recorded 56.4% in 2019, and increased to 58.4% in the third quarter of last year.
The researcher noted that credit loans such as credit card loans have increased significantly since the second half of last year. It is pointed out that the 2030 generation used credit loans to finance investments in real estate, stocks, and virtual assets.
In particular, it is worrying that the proportion of young people in loans to multi-debtor (borrowers who have borrowed from three or more financial institutions), which has been hit hard during a period of rising interest rates, has risen significantly.
As of the end of last year, the outstanding balance of youth multi-debtor loans reached 130 trillion won, up 16.1% from the end of the previous year. Among them, the outstanding balance of credit card loans in their 20s, which has a high possibility of bad loans such as risk of insolvency, stood at 8 trillion won, an increase of 1.141 trillion won (16.6%) from the end of the previous year.
As the figures compiled in the report are based on last year, it is expected that the current debt burden of the youth will increase even more if we consider the investment behavior of stocks and virtual currencies in 2030 this year.
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