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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Sun Dec 17, 2006 2:08 am Post subject: Record High Bankruptcies |
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Personal bankruptcies set another record high
Personal bankruptcies are expected to hit another record high, reaching a total of 100,000 this year. According to data collected by Rep. Kim Jung-hoon of the main opposition Grand National Party, there were over 96,200 individual bankruptcies filed as of the end of October. The data was collected from the Supreme Court, Financial Supervisory Service, Credit Counseling and Recovery Service... The Seoul Central District Court expects the total will exceed 44,000 cases in Seoul by the end of this year. The court said nearly all bankruptcy applicants currently get their debts cancelled in court, compared to less than 60 percent in 2000.
By Annie I. Bang, The Korea Herald (December 18, 2006)
http://www.koreaherald.co.kr/SITE/data/html_dir/2006/12/18/200612180013.asp |
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cdninkorea
Joined: 27 Jan 2006
Location: Seoul
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| Posted: Sun Dec 17, 2006 2:16 am Post subject: |
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| Okay, so why are so many Koreans getting into credit problems? Is this an different than other countries? |
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ChuckECheese
Joined: 20 Jul 2006
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| Posted: Sun Dec 17, 2006 2:32 am Post subject: |
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| cdninkorea wrote: |
| Okay, so why are so many Koreans getting into credit problems? Is this an different than other countries? |
Sending their kids to after school programs which cost them approximatley $1000 per child per month and sometimes even more ($2000) if they have private lessons. |
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Darkness
Joined: 12 Oct 2006
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| Posted: Sun Dec 17, 2006 4:34 am Post subject: |
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omg, that's how much the academy's charge?? They must make a killing... Damn, I want to open a Korean Hagwon, I could get people to trust me way more then working for a Korean owned one.
Bankruptcy's are going to sore in N.America in the next couple of years, with all those people buying houses just within their budgets at ultra low mortgage rates, when rates go up so many people are gong to have to down grade you'll have a huge down swing in the market.....
that's just my uneducated guess though...... |
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laogaiguk
Joined: 06 Dec 2005
Location: somewhere in Korea
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| Posted: Sun Dec 17, 2006 4:38 am Post subject: |
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| My chinese hagwon only charges 120000 won a month for 5 days a week at 50 minutes per class. I think ChuckeCheese's numbers are for some very top end ones, or maybe for parents to send their kids to things non stop from 6 to 11 every night. |
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Drew345
Joined: 24 May 2005
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| Posted: Sun Dec 17, 2006 5:14 am Post subject: |
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I don't think it means Koreans are getting into credit trouble. It just means they aren't paying the people they owe. I doubt you'll see any foreclosed properties being sold cheap. Probably just see more renters loosing their key money to 'bankrupt' landlords.
I am not a Korean finantial expert; there are no known facts behind what I said. Just speaking from my gut feeling. |
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ChuckECheese
Joined: 20 Jul 2006
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| Posted: Sun Dec 17, 2006 5:25 am Post subject: |
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| laogaiguk wrote: |
| My chinese hagwon only charges 120000 won a month for 5 days a week at 50 minutes per class. I think ChuckeCheese's numbers are for some very top end ones, or maybe for parents to send their kids to things non stop from 6 to 11 every night. |
Yes. Korean parents send their kids to various hagwons, i.e. English, Tae Kwon Do, Dancing, Piano, Art, Math/Science, etc. etc. etc. They're killing their kids and themselves at the same time. |
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