Korean newlyweds start married life with growing debt as loans double

Kim, a 37-year-old office worker in Gyeonggi Province, is struggling with growing debt as his loans have doubled since his marriage two years ago. His wife also has a loan, further increasing their repayment burden. The couple had to borrow heavily to cover housing and wedding expenses, even with assistance from their parents. With rising interest rates, Kim is concerned that their loan payments will increase in the future.

After covering essential expenses like utilities, phone bills, and basic living costs, the majority of their paychecks go towards repaying the loans. The rising costs of housing, rents, and wedding ceremonies are leaving more newlyweds like Kim with substantial debts. According to data released by the Ministry of Data and Statistics on Monday, the median outstanding loan balance for couples who have been married for no more than five years has more than doubled over the past eight years.

Specifically, high-value loans of at least 300 million won ($221,000) have become increasingly common, particularly among couples who own a property. In 2024, the median outstanding loan balance among newlyweds stood at 179 million won, a 5% increase from the previous year and 130.1% higher than a decade ago.