「青天井」の投資枠に予算要求10兆円超 財務省「抜け道ではない」

In the first half of this year, nearly 100,000 borrowers sought debt restructuring, pushing the number to a staggering 95,999. This surge is primarily due to the struggles of individuals coping with the aftermath of the COVID-19 pandemic and a decline in consumer spending. To prevent these vulnerable borrowers from sinking further into debt, proactive debt restructuring and recovery support measures must be accelerated.

According to the Credit Recovery Commission, the number of borrowers officially confirmed for debt restructuring rose from 19,000 to 160,000 between 2020 and 2023, with total debts reaching 5.7426 trillion won.

The number of borrowers increased significantly, with 16 million in 2023 compared to 18.9 million last year. If this trend continues, around 200,000 people are expected to seek debt restructuring this year. Debt restructuring involves lowering the principal amount or adjusting interest rates and repayment periods to alleviate repayment burdens for borrowers.

The fact that more borrowers are utilizing this program is not a negative signal, as it indicates that they are better managing their economic recovery through official procedures.

However, a concerning trend is the rapid increase in the financial burden for borrowers with multiple debts and low incomes or credit scores. The overall default rate for these borrowers, those with debts from at least three financial institutions and a monthly income below 30% or a credit score of 664 or lower, jumped from the average 6.8% in 2021 to 10.9% in the first quarter of this year.

The default rate for self-employed individuals in this category soared from 5.3% to 12.7% over the same period. As a result, the number of long-term defaulters (90 days or more) rose from 180,000 in 2021 to 290,000 last year, reaching 930,000 by the end of last year. The rise in vulnerable borrowers can be attributed to the government's approach to addressing the COVID-19 crisis.

While other major countries provided financial support through grants, the South Korean government mainly offered loans. This strategy backfired as the economy recovered slowly, leading to an accumulation of debt.

A worrying aspect is the potential for further increases in credit card interest rates. The Korea Bank has signaled the possibility of additional rate hikes in July and August. Proactive debt restructuring for borrowers facing early-stage defaults and support for self-employed and small businesses hit hard by the pandemic are crucial.

The government recently announced plans to prepare programs supporting recovery from debt, business resilience, and recovery of entrepreneurial capabilities, urging them to implement these measures as soon as possible.