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KoreanLifer
Joined: 30 Jan 2003
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 Posted: Sat Dec 13, 2003 1:37 pm Post subject: koreans up to their ears in debt |
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http://www.time.com/time/asia/magazine/article/0,13673,501031208-552170,00.html
this is embarassing! Koreans r like Kids in a candy store with their kredituh Caduhs.i see this no more different than the IMF crisis.borrow & borrow and cant pay it back.using a credituh caduh is all show for Koreans.it impresses their peers!
that on-line Bowling ball salesman better start bowling over his customers! |
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Gord
Joined: 25 Feb 2003
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| Posted: Sat Dec 13, 2003 2:15 pm Post subject: Re: koreans up to their ears in debt |
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| KoreanLifer wrote: |
http://www.time.com/time/asia/magazine/article/0,13673,501031208-552170,00.html
this is embarassing! Koreans r like Kids in a candy store with their kredituh Caduhs.i see this no more different than the IMF crisis.borrow & borrow and cant pay it back.using a credituh caduh is all show for Koreans.it impresses their peers! |
Why are you comparing the IMF currency bailout to people borrowing money? They were not related. You might as well start complaining about how they were drinking too much cola and that lead to the currency collapse requiring the IMF bailout.
Then after you post nonsense about things you do not understand, you feel it necessary to start leveling insults against entire groups of people based on other matters you don't understand.
Is credit card debt a concern in Korea? Yes, but nothing you posted addresses this subject. |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Sat Dec 13, 2003 3:44 pm Post subject: |
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Actually the credit card problem is related to the financial crisis of '97. DJ came in to office and one of his policies was to stimulate consumer spending. The banks/credit card companies were encouraged to expand.
Unfortunately, they did it by mailing out cards to anyone and everyone (except foreigners) without checking on their ability to pay. The massive expansion of credit buying was a significant factor in South Korea's recovery from the disaster. Naturally, some people overdid it.
One of my friends loaned his credit card to his sister who owned a small business. She borrowed W50 million on the card for renovations, then went bankrupt. My friend now has to pay back the loans. It will take him years and years. His credit is ruined. He is limited in the jobs he can get. At one point he was worried that he would be fired from his present job if the boss found out about his problem. Other Korean friends said that happens. None were able to really explain why. |
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canuckistan
Mod Team
Joined: 17 Jun 2003
Location: Training future GS competitors.....
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| Posted: Sat Dec 13, 2003 3:58 pm Post subject: |
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The gov't also handed out tax credits to people who used cards in an attempt to diminish the underground economy ie: cash transactions that they were losing out on collecting tax dollars from.
Some of the credit-card debt stories are truly sad. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Sat Dec 13, 2003 4:09 pm Post subject: |
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| Ya-ta Boy wrote: |
Actually the credit card problem is related to the financial crisis of '97. DJ came in to office and one of his policies was to stimulate consumer spending. The banks/credit card companies were encouraged to expand.
Unfortunately, they did it by mailing out cards to anyone and everyone (except foreigners) without checking on their ability to pay. The massive expansion of credit buying was a significant factor in South Korea's recovery from the disaster. Naturally, some people overdid it.
One of my friends loaned his credit card to his sister who owned a small business. She borrowed W50 million on the card for renovations, then went bankrupt. My friend now has to pay back the loans. It will take him years and years. His credit is ruined. He is limited in the jobs he can get. At one point he was worried that he would be fired from his present job if the boss found out about his problem. Other Korean friends said that happens. None were able to really explain why. |
I find it amazing that they would give a 50mil won limit on someone's credit card. But then again, they gave my wife a limit of 9mil when she was a student!!! WTF are these Korean companies thinking!!! When I was a student my limit was 500 bux...which is peanuts. Yet was hard to pay off if I maxed it out.
If my sister set me back 50 mil won, I wouldn't have a sister now 
That article was interesting, I get Time at work, and read it last week. I hear a lot of normal girls are going into prostitution just to pay back their credit card debts. I guess guys are just screwed from it, not a big market for gigalos here huh |
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maxxx_power
Joined: 17 Mar 2003
Location: BWAHAHAHAHA! I'M FREE!!!!!!!
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| Posted: Sat Dec 13, 2003 5:45 pm Post subject: |
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Damn, you had a $500 limit!? Mine was only $250 in university, it barely covered my monthly beer intake.
People need to learn to use credit cards only for emergencies. If you can't afford to pay it off and not carry a balance every month, don't charge it. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Sat Dec 13, 2003 6:56 pm Post subject: Re: koreans up to their ears in debt |
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| KoreanLifer wrote: |
http://www.time.com/time/asia/magazine/article/0,13673,501031208-552170,00.html
this is embarassing! Koreans r like Kids in a candy store with their kredituh Caduhs.i see this no more different than the IMF crisis.borrow & borrow and cant pay it back.using a credituh caduh is all show for Koreans.it impresses their peers!
that on-line Bowling ball salesman better start bowling over his customers! |
So what do you think about the foreigners who are in Korea to pay credit card bills back home (and of course, I'm talking about those who even bother to pay it, unlike many of the credit deadbeats on this board who try to justify scamming)?
Americans take the cake when it comes to credit card consumption. |
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Derrek
Joined: 15 Jan 2003
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| Posted: Sat Dec 13, 2003 11:52 pm Post subject: |
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From the article:
"Whether you are a South Korean credit-card company, a corporate conglomerate or a citizen, sometimes the best strategy is to sit tight and wait for someone to ride to your rescue."
Gee... sounds kind of like the Korean nation in about everything. And you can add this line, "And after you are rescued, blame all of your problems on the one that rescues you." |
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