SEOUL, Apr. 24 (Korea Bizwire) – The persistently high interest rate environment in South Korea has triggered a wave of cancellations for low-yielding savings-type insurance policies, driving down the two-year policy retention rate at insurers to a mere 65% last year, according to data released on April 23. The Financial Supervisory Service (FSS), the government’s financial [...]
SEOUL, Feb. 27 (Korea Bizwire) — The potential uncollected loans by four major financial holding firms jumped 49 percent on year in 2023, as high interest rates took a toll on borrowers, data showed Tuesday. The value of potential uncollected loans came to 1.96 trillion won (US$1.47 billion) in 2023, up 48.8 percent from the [...]
SEOUL, Feb. 26 (Korea Bizwire) – Amidst the ongoing economic challenges marked by high inflation and interest rates, recent data has revealed that individuals in their 30s and 40s who have taken on debt to purchase homes are the ones who have most drastically cut back on their spending following the rise in interest rates. A [...]
SEOUL, Feb. 5 (Korea Bizwire) – As consumers grapple with rising inflation and interest rates leading to a domestic slowdown, the recommerce market, involving the resale of used items and collectible goods like luxury and limited edition products, is gaining momentum. Estimates suggest that the domestic recommerce market has recently surpassed a value of 30 trillion [...]
SEOUL, Oct. 23 (Korea Bizwire) – In the current bond purchasing trend, individual investors are transitioning from bonds with maturities exceeding 10 years to short-term bonds with maturities of less than one year. As interest rates surge and bond prices decline, driven by the Federal Reserve’s indication of a prolonged tightening stance, individual investors are displaying [...]
SEOUL, Nov. 8 (Korea Bizwire) — A number of South Korea’s credit issuers and credit finance firms are downsizing their auto installment financing offerings due to the difficulty in raising funds in a prolonged high interest rate. For these companies, installment interest rates for new cars (based on an installment period of 60 months) stood [...]
SEOUL, Jan. 19 (Korea Bizwire) — The government plans to activate the customer’s right to request an interest rate cut from credit card and credit finance firms. The right to request an interest rate cut represents the borrower’s right to demand that financial companies lower interest rates when their wealth or credit conditions improve. The Financial [...]
SEOUL, July 2 (Korea Bizwire) — Major banks in South Korea saw their time deposits decline from a month earlier in June, while their money market deposits jumped sharply, apparently suggesting more people were hoping to invest their money amid record low interest rates but were unable to do so amid a coronavirus-caused slump, data [...]
SEOUL, June 28 (Korea Bizwire) — South Korean financial authorities on Sunday said that illegal money lenders cannot impose annual interest rates of more than 6 percent, in a move to protect consumers in the pandemic-hit economy. The Financial Services Commission (FSC), the country’s financial regulator, drafted a new set of regulations that lowers the [...]
SEOUL, Jun. 23 (Korea Bizwire) — The South Korean government has announced measures aimed at strengthening the transparency of banks, as they are being advised to provide loan applicants with a detailed breakdown of the interest they will be charged. In the case of banks having charged unjustifiable high interest rates, the surplus in interest [...]