Every minute, South Korea’s household debt rises by US$90 thousand dollars. Every 12 minutes, a Korean is declared bankrupt. Ordinary households now owe some 1.8 times their disposable income. The country’s 3 million mom and pop stores are taking out risky high interest rate loans, and even its high school students are borrowing from loansharks. Undercover Asia explores the deeper reasons behind South Korea’s household debt crisis, and whether COVID-19 may well tip the country over the edge.
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About the series: Undercover Asia uncovers the hard truths in the underbelly of Asia and shines the light on the plight of the disenfranchised and the displaced. Find out what’s the unexpected fallout in Indonesia from China’s decision to ban plastic waste; the causes and consequences of South Korea’s massive household debt; the rise of non-consensual porn in Singapore; and the dark side of the quest for white skin in the Philippines.
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