Economy
Bank overdrafts, card loans on sharp rise among 20-somethings
Oct. 26, 2020
Amid a prolonged economic contraction and shrinking employment rate, South Koreans in their 20s have increasingly become debt-ridden, depending on bank overdrafts and credit card loans, data showed. The outstanding balance of bank overdrafts and card loans extended to 20-somethings totaled 2.14 trillion won ($1.91 billion) as of end-June, up sharply from 1.97 trillion won and 2.07 trillion in 2018 and 2019, respectively, said Rep. Jeon Jae-su of the ruling Democratic Party, quoting data