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"It is difficult to borrow money to save money and increase income"
(Seoul-Yonhap News) Park, Ue-rae, reporter = Rising interest rates in the United States increased the burden of loan repayments, and the minimum wage the following year increased.
In recent years, the delinquency rate has increased in the case of an increase in loans, which seems to heightening concerns about loans to the self-employed.
According to the Bank of Korea (BOK) on March 17, the balance of individual bank loans at the end of June increased by 10.8 percent (29.5 trillion won) from the end of June to 302.1 billion of wons.
The growth rate of independent loans compared to the same period last year was 1.5 percentage points higher than last June (9.3%).
The delinquency rate increases with the increase in independent loans.
According to the independent loan status received from the Bank of Korea by the right-wing legislator Kim Sung-sik, the default rate of personal loans of domestic banks was 0.33% in the first quarter, up 0 , 04% compared to the end of last year.
The delinquency rate is the proportion of delinquent loans in the loan balance over a month.
As the amount of loans increases, the denominator loan balance increases, so the delinquency rate is generally lowered, and the illiquidity that seems to have a good loan quality appears.
This year, however, the delinquency rate is increasing with the rapid growth of independent lenders.
There are many people who need money, which means that the amount of loans will increase, but the interest rate will increase and the repayment burden will increase. In general, this is not a good sign that the number of people who need money is increasing or that the amount of delinquency is increasing.
Mutual financing, which is relatively common among individual farmers, is similar.
According to the Financial Supervisory Service (FSS), at the end of April, the balance of loans granted to sole proprietorships such as the NACF and the credit union increased by 11.1% to 49,000 billion from KRW (KRW 44.1 trillion).
Household credit increased only 0.13% over the same period. It seems that the effect of inflation due to the regulation of household loans and the increase in demand from individual farmers seem to have played a role at the same time.
At the end of the first quarter, the delinquency ratio of the individual economic operators for mutual fund companies increased from 1.08% to 0.21% against 0.87% at the end of the previous year . Mutual finance has also increased lending, but delinquency rates have also increased.
In this situation, the fact that the interest rate on the loan continues to rise due to rising interest rates in the United States also makes it difficult to repay the loan of the loans. self-employed.
According to the financial and social survey of the Bank of Korea and the National Office of Statistics (end of March 2017), the ratio of financial debts to self-employed is 189.1%, higher than that of regular workers (128.1%) or temporary and daily (123.8%).
Financial debt is higher than income, so the self-employed pay more than regular workers or temporary or daily workers.
There is concern that the burden on the self-employed will increase further when they reach minimum wage next year.
This year's minimum wage increased 16.4 percent year-over-year to 7,530 won, and the minimum wage next year is 8,350 won, which is expected to increase by 10.9 percent. compared to this year.
The bank delinquency rate for independent retailers and independent traders, relatively affected by the increase in the minimum wage, was 0.45% and 0.47% at the end of the first quarter, up 0.12 percentage points or 0.01 point from the end of the previous year.
Cho Young-moo, a researcher at the LG Economic Research Institute, said: "The domestic economy should be bad for the second half of the year only in the first half of the year, so the workers will be hit by an increase in sales and it will grow. "
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