Young Koreans have been suffering sharp deteriorations in their credit ratings since the global financial
crisis.
And, recently released data backs this trend.
According to the Bank of Korea, the credit ratings for teenagers and those in their 20s
worsened after the 2008 financial crisis.
Not a sign of a healthy economy - let' try getting a clearer picture on this issue - for
that Dr. Oh Jung-gun, professor of economics at Korea University, joins us live in the
studio.
So, it surely isn't a fun time being a 20-something Korean living in this country, is it?
How serious is it and why is this trend especially prominent in this age group?
How quickly are youth credit rating averages dropping?
So, more Koreans in their 20s are finding themselves burdened by debt and largely to
blame is student loans - inability to pay off their loans after graduation.
The government has come up with various measures to address this problem - but, obviously aren't
proven to
be effective.
What more needs to be done?
So, it all boils down to the nation's extra high college entrance rate,
high tuition that leads to student loans, and high youth unemployment that makes it
harder to pay off that loan.
What can be done to break this vicious cycle?
Dr. Oh
Jung-gun, professor of economics at Korea University, thank you for speaking with
us this evening.
We appreciate it.