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Loan interest rate of 7%... 1.2 million people can't even pay the principal and interest after tax
More than 90% of DSR borrowers increased by 300,000 from 900,000 It is estimated that the number of borrowers will reach 1.2 million.
According to data submitted by the Financial Supervisory Service to Rep. Yoon Chang-hyeon (People's Power), a member of the National Assembly's Political Affairs Committee on the 9th, out of 16.46 million borrowers, if the average household loan interest rate reaches 7%, borrowers with a total debt-to-income ratio (DSR) of more than 90% It turns out that there are 1.2 million people. DSR is a number that calculates how much the loan interest and principal of the loan that must be repaid in one year compared to income.
The number of borrowers exceeding 90% of DSR from 900,000 at the end of March will increase by 300,000 to 1.2 million when the average household loan interest rate reaches 7%. A borrower with a DSR exceeding 90% means a person who cannot repay the principal and interest even if he pays only quasi-taxes such as income tax and health insurance premiums from his income.
http://www.munhwa.com/news/view.html?no=...9910120001
(This post was last modified: 09-11-2022, 10:04 AM by
theold.)
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Maybe coming soon for SG?
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This will happen to quite a lot of countries. Singapore, no exception.
(This post was last modified: 09-11-2022, 10:08 AM by
theold.)
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Korea household is moat jndebted jn the world
Watch documentary below..
The situation is terrible..."terrible" nay be too mild more like he'll.
The need yo seriously consider Iceland solution. To wrote off the debt so people can carry on. The state re - nationalise the banks and do a reset.
Dragging on is to put millions through life of hell.
I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
>
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National Debts
Japan, with its population of 127,185,332, has the highest national debt in the world at 234.18% of its GDP, followed by Greece at 181.78%. Japan's national debt currently sits at ¥1,028 trillion ($9.087 trillion USD). After the stock market crashed in Japan, the government bailed out banks and insurance companies and provided them with low-interest credit. Banking institutions had to be consolidated and nationalized after a period of time and other fiscal stimulus initiatives were used to help reboot the struggling economy. Unfortunately, these actions caused Japan’s debt level to skyrocket.
https://worldpopulationreview.com/countr...ional-debt
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no wori
compare Federal reserve INT payment every 1% increase is abt USD240B
with 10ya at 4%+
every ya has to pay 1 trillion
no way to pay with int at
nevermind the principal of let just say 31T
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no say singlon no share
dat why FRB boarded up 10ft wall
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Still way higher than fed so they are above water
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(09-11-2022, 10:07 AM)theold Wrote: This will happen to quite a lot of countries. Singapore, no exception.
sinkapore still low rates right? if 7% all tengkor liao.
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Lending interest rate (%) in Vietnam was reported at 7.811 % in 2021
https://tradingeconomics.com/vietnam/len...-data.html
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