Korean newlyweds start married life with growing debt as loans double
Kim, a 37-year-old office worker in Gyeonggi Province, spends much of his monthly pay repaying a loan he took out to buy a home when he married two years ago. His wife has a loan of her own, adding to the couple’s repayment burden. “We had to borrow to cover housing and wedding costs, even with help from our parents,” Kim said. “With interest rates rising, I’m worried our payments will grow.…
Kim, a 37-year-old office worker from Gyeonggi Province, finds himself struggling to make loan repayments after marrying two years ago. His wife's loan adds to their financial burden. The couple had to take out loans for their housing and wedding expenses, even with assistance from their parents. As interest rates rise, Kim is worried that their repayment payments will increase.
Most of their income is directed towards loan payments, leaving little room for other expenses. Rising housing prices, rents, and wedding costs are causing many newlyweds like Kim to accumulate significant debts. According to data released by the Ministry of Data and Statistics on Monday, the median outstanding loan balance for couples in their first marriage, who have been married for no more than five years, more than doubled over the past eight years.
Particularly, high-value loans of 300 million won or more have become increasingly common, especially among homeowners. Currently, the median outstanding balance stands at 179 million won in 2024, a 5 percent increase from the previous year and a 130.1 percent rise compared to eight years ago.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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