The rate of self-employed individuals in South Korea falling behind on loan repayments has reached a decade high, as the domestic recession continues and the COVID-19 pandemic impacts businesses. Many self-employed individuals, particularly restaurant owners, are facing significant financial difficulties, with some considering bankruptcy due to mounting debts and reduced revenues. As of the last quarter of last year, the average debt carried by domestic self-employed individuals was 3.5 times their annual income, and the number of self-employed individuals becoming ‘bad credit’ debtors increased nearly 30% in a year.
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Auto-posted at: 2025-05-06 21:07:35