Low-Income Earners Owe W39 Million a Head

Published on 2017/01/22 | Source

One in four low-income households shoulders an average debt of W39 million, four times more than their average annual income, according to the Korea Institute for Health and Social Affairs on Thursday (US$1=W1,178).

As of 2014, 26.8 percent of households that earn less than 50 percent of the median wage were in debt.

They shouldered W38.89 million in debt on average annual income of only W11 million.

Their annual interest payments were W1.44 million each, or 13 percent of their income.

High-income households that earned more than 150 percent of the median income shouldered W119.7 million in debt, but interest payments were only 4.4 percent of their income.