Why South Koreans In Their 20s and 30s Are Going Bankrupt From Debt

[@marietuico9252]

This entire time I was wondering how Korean college students are able to afford to their lifestyle. This answers my question.

[@sungwoochoi5152]

As per my experience, most of students do part time work or tutoring during his/her college period. Of course children from rich family do not need any additional work for them. However I used proper government financial support and also scholarship from the University. We cannot say some people are representative for all people in Korea. I believe most of them are not following that much for fancy life - at least in my younger days.

[@davidpark2990]

A Korean living in Singapore for 20 years now, this documentary is Singapore's best form of propaganda to spark nationalism and divert the people's attention away from domestic issues. Singapore would NEVER post a documentary criticising or shaming China, Japan, or even Malaysia to prevent any backlash. Korea is indeed the easiest country to shame and target. Nonetheless, I still love Singapore as most Singaporeans are friendly, open-minded and views things objectively instead of based on stereotypes. Stay safe!

[@milktae_0425]

@@davidpark2990 I agree with you

[@davidpark2990]

@Athena Mon Amour Yo thanks for replying after 1 year 😅 yeah i realized all my comments everywhere on KZbin and FB were ridiculous. Sad I can't find them all again to delete but oh wellz...I'm a changed man and yeah I agree with you on this. It is a fact that many Koreans are obsessed with saving face and spending on luxury stuff (although local skincare & fashion are super cheap in street shops). But my Chinese friend said no one can reach the spending of luxury brands other than the young mainland Chinese millenials and even Gen Zs. Koreans like to prefer buying our own local brands other than the celebrities of course. Stay safe wherever you are my friend

[@pleasure1120]

Wait a minute, i think most of the people who are obsessed with luxury goods are only people who live in Seoul, because people in Busan and other region don't seem to like spending much money on luxury goods.

[@hisokamorow8388]

I had a mini heart attack when I saw his debt swelled to $70,000.

[@davidpark2990]

LOL I agree bro! Korea has so many issues in society, from corruption to debt etc. But at least Korea is transparent while Japan is not. A Korean living in Singapore for 20 years now, I have NEVER seen Singapore or CNA criticise or shame China or Japan, Not once. I agree Korea is the easiest country to target and shame on...because the Korean government won't care or bother about this documentary anyways..Korea is busy tackling the covid-19 virus and coming up with a vaccine LOL. What is Prime Minister Shinzo Abe doing??? Thinking of Tokyo Olympics and having some nice coffee while many people are dying..

[@Foxy11123]

No u wrong japan is good to handle their covid case even now… other already open their tourism but just japan still close to make sure no pandemic added…also number cant lie …. The number of personal credit in ur country is the highest…. Ur government should take care very carefully how come teenage can get loan from loanshark very easily is so stupid meanwhile ur country is not 3 rd country ….Consumptive lifestyle happens around the world even CNA take news about China not bad as ur country news .

[@sylok567]

@@davidpark2990 he just got killed

[@PrinceSoni-kg9iq]

@@sylok567 ooof

[@raptor4133]

my cousin had $250,000 student debt lol

[@laurdrawz3693]

credit companies are scummy. BUT, consumers also need to be knowledgable and disciplined about spending.

[@TheDexsword]

Well letting someone on $500 income $30.000 credit is just straight up predatory.

[@d0min0danc1ng]

@@TheDexsword really? Which credit card company is that? I have never heard such a thing

[@TheDexsword]

@@d0min0danc1ng did u not watch the video and just straight going to the comment?

[@TheDexsword]

@@sammybluebiscuit1884 Dude every single bank that I know will never give me $30.000 credit if they know I have only $500 income. It's not just his own fault like they knew ppl cannot pay that, and they letting ppl get it?!

[@Steven-xf8mz]

credit card companies offer free reward and cashback, stupid consumers are the one screwed themselves. Yes credit card fee are built into the price, unless you can get a discount via cash then this argument doesn't matter anymore.

[@roverteam4914]

Why a person needs up to 4 credit cards when one even struggles to have a job?? One card should suffice.....

[@chairmanmaul6120]

A person in US laughs with his 10 credit cards.

[@secretvibes4898]

we get points from cards

[@sdqsdq6274]

lol , look at his house ,all junks , when essentials stuff is only needed

[@saltymonke3682]

Moral of the story: Be financially literate. Literate doesn't only mean that you know how it works, but you work it out. Managing your ego will manage your finance.

[@davidpark2990]

A Korean living in Singapore for 20 years now, this documentary is Singapore's best form of propaganda to spark nationalism and divert the people's attention away from domestic issues. Singapore would NEVER post a documentary criticising or shaming China, Japan, or even Malaysia to prevent any backlash. Korea is indeed the easiest country to shame and target. Nonetheless, I still love Singapore as most Singaporeans are friendly, open-minded and views things objectively instead of based on stereotypes. Stay safe!

[@saltymonke3682]

@@davidpark2990 so does Arirang ? kzbin.info/www/bejne/jnrUg4aQpKZsnbM

[@condorX2]

@@davidpark2990 wrong. Death By Overwork in Japan: Karoshi & Japanese Salarymen kzbin.info/www/bejne/h6HCfJx6psudfdE Care to explain to me why they choose suicide over other options? Or they simply exhausted all options? Here is the suicide rate ranking. #1 is the highest. South Korea rank 10 Taiwan rank 18 India rank 19 Japan rank 30 US rank 34 North Korea 68 China rank 103 Barbados rank 183 Source en.m.wikipedia.org/wiki/List_of_countries_by_suicide_rate

[@David-0100]

Excellent advice!

[@danielhaqim5284]

delete social media + read books + exercise = no overthinking, no insecure, zero debt

[@WeheartPEACE_helene]

I don’t feel so bad about not being able to spend like many people do anymore because I live within my own means. This scares me and also teaches me a priceless lesson. I hope these people can get back on track in life. 🙏

[@unluckyy-w8f]

And they mock southeast asian is poor. Even Thailand,Indonesia, Malaysia and Singapore have lower poverty rate.

[@userone1465]

Soon ASEAN will be the most influential and powerful pact in all of Asia, even greater than the European Union

[@jpusa6603]

I have ZERO sympathy for these people who made their own financial choices just because they refused to live within their means! And the most terrifying part? They are gonna have children or offsprings!

[@mita6801]

Fancy lifestyle is their priority

[@eunicelim910]

I guess it's due to peer pressure as well..

[@47years8]

Sometimes they have no choice, sometimes they get greedy for more so they gamble

[@sb8095]

How do you know they're gonna have children or offsprings though? Mostly koreans tend not to have children.

[@JosephKulik2016]

Dear J Pusa: I was an American consumer debt collector for 30 years and I can tell you that the idea that the consumer has a "choice" is a joke. Consumers are driven into debt by scientifically designed advertising that is intended to override the consumer's "choice". Read a recent book by Liza Featherstone entitled "Divining Desire" to see what I mean. She discuses the extensive use of "focus groups" by social psychologists who are employed by advertising agencies. Over the last 70 years, these social psychologists have honed their art to the point where advertising has become has become psychologically irresistible to the average American consumer. And "focus groups" are just one way of accomplishing that. "Subliminal advertisements" is yet another and there are more. As a bill collector, I saw the fallout of such deceptive and corrupt advertisements, with consumers who were talked into debt that they couldn't handle for something that they really didn't want in the first place. If they can do it in America, then they can surely do it in an American puppet state like S Korea. America Is NOT the country which gives its people the most freedom. It is just the country that is best at tricking its people to believe that they have the most freedom. It looks like S Koreans have fallen for the same trick. ... [e-mail]

[@richardminhle]

This is how Koreans join the Squid Game.

[@gunawanhidayat8344]

its his mistake, irresponsible for using his cc, he knew his income is $500/month why you max out ur credit card.

[@mystchris]

It’s true what you said. Why does the gov allow the bank credit limit to be so high and borrowing income criteria to be so low? Bank regulation needs to be tightened.

[@sayakauotani3572]

its also a problem that they allow high credit limit when his income is that low.

[@mr.goldfarmer4883]

Truth is, if there is REAL financial education in school, it would break the entire financial industry.

[@ChurlzVA]

Capitalists don't want that!

[@lothean2099]

When, I was younger, I too fell into that trap. Hard lesson to learn in life. But some of them still have a ways to go.

[@XxSapphiregurlxX]

The credit card companies that gave a person with a $500 income a $30,000 limit needs to be investigated and shut down. That’s called irresponsible lending.

[@sydmaker4115]

Or smart business skills

[@XxSapphiregurlxX]

@@sydmaker4115 Haha, try these "smart business skills" in the United Kingdom and if the student complains to the financial ombudsman your business could be forced to pay back all the payments the student had made plus interest.

[@David-0100]

@@XxSapphiregurlxX Hehe.

[@HawkinaBox]

I don't think you can do that in the US unless you have a supportive income. Or that's what I've heard. It might be different from bank to bank because when I tried to get one with BOA, I was rejected since I'm not making income. But I've heard that some people can get credit cards like the way this guy did???

[@nisha8298]

This is one reason why I don't install shopping apps on my phone. They're always bombarding you to buy stuff and if you can't say NO, it's best to remove the temptation completely. It's too easy to buy stuff online that you probably dont even need.

[@Zach-xm5wc]

The full 45 minute documentary was really terrifying and insightful on this topic. Good job, CNA Insider!

[@sidmichael1158]

Link?

[@Redsunns]

@@sidmichael1158 kzbin.info/www/bejne/e2nGk6qYidagedk

[@Steven-xf8mz]

lol someone else noticed how they used 1 year old clips.

[@davidpark2990]

LOL A Korean living in Singapore for 20 years now, this documentary is Singapore's best form of propaganda to spark nationalism and divert the people's attention away from domestic issues. Singapore would NEVER post a documentary criticising or shaming China, Japan, or even Malaysia to prevent any backlash. Korea is indeed the easiest country to shame and target because the Korean government or people will not complain or fight back..they won't bother esp. during this Covid-19 pandemic. Nonetheless, I still love Singapore as most Singaporeans are friendly, open-minded and views things objectively instead of based on stereotypes. Stay safe!

[@Redsunns]

@@davidpark2990 I do saw a few videos on Malaysia and China. I look for it. =) You stay safe too!

[@sitoudien9816]

I'm an avid cyclist and watched many cycling videos from Korea. Average non competitive cyclists ride shockingly expensive bikes. Like $10000 USD bikes from trek, specialized, BMC. Including the best brand name cycling clothes. Hundreds of dollars for just a shirt. How are they paying for this?

[@acksepicyoutubechannelfull3467]

loans

[@kittenmimi5326]

@@acksepicyoutubechannelfull3467 yep. They weren't paying. Lol

[@dubsas]

part of it could also be from sponsors

[@mikeylejan8849]

Luxury brands make you poor

[@weareorigin]

It's hard. I stopped myself from any midnight buying spree online. The temptations of buying are real.

[@firaauliaaa]

Couldnt agree more to your statement!

[@marsilladewibaruch7097]

That is why UMSO (unregistered money service operator) is illegal in some countries like Malaysia. It serves the purpose to control bludgeoning household debt.

[@oeuf123456]

Illegal gambling, illegal loan sharks, too high credit limit for credit cards. These are all governments fault for their inability to take actions. Normally all of these don’t exists.

[@reed3863]

It's also one's own responsibility to avoid such things. Can't expect the government to keep spoonfeeding you and clear all danger/temptation. Also remember; Supply and Demand. There won't be a supply if there's no demand.

[@tayyibali5052]

Laughs in muslim. Gambing and interest was made forbidden for us from the start. Look which countries are now the richest? Its not oil that made us rich.

[@anneofcleveswithinternet]

I am from an Asian country too and was in debt due to medical reasons, i listened to dave ramsey and kept on being frugal after...debt free for 3 years baby! I will never trade the feeling of not owing anyone anything.

[@funny-video-YouTube-channel]

What about mortgage debt ?¿? A lot of young people are in debt for education and mortgages, not for consumption edge cases. Just regular people trying to climb the housing ladder !

[@sungwoochoi5152]

Honestly speaking, I don't know why people are living in capital only. If people look around for small city, we could afford to live without debt that much. Except Singapore, let's see Malaysia and Indonesia, huge land and cheap house and Land all around.

[@fantasytky28]

@@sungwoochoi5152 lol Malaysia house are not cheap if you take into account of the location salary. It literally take more than 30 years for a average person to buy a house even if they pay half of their salary every month.

[@RayMak]

Very very very sad

[@genremags8317]

Materialistic people who wants to look richer than they actually are. They'd buy the most expensive things through credit cards with no means of actually paying for it.

[@5tr1f3]

i cant blame the debt collectors, cuz its the person who have no self control and discipline which causes them to fall into the debt trap. and also indirectly the bank, who set high limit to credit cards. In singapore the limit is base on your monthly salary x 3 to 4 times, thats it so for that guy who only earns USD $500 at most his credit limit is at 1500 - 2000 USD at max per month.

[@programmingwithsunny6121]

Debt collectors also target them they literally go to their school LMAO it's both's fault.

[@nxxiv436]

Lmaoo why credit is literally 1.2 times of my monthly wage. People need to stop blaming on others start taking responsibility for their own actions.

[@Invincible_joe]

Did u miss the part where it said that customers needs to "text first" and then only the loan sharks show up and hand over the cash? Loan companies don't get signals via telekinesis btw, they're being approached first and then companies lend them. People need a lot to learn about financial discipline and stop acting like kids by blaming others for the consequences of their own actions..

[@MrVideos2617]

Don’t buy with emotions...

[@Fleeglebutt]

Unfortunately, so many high-end items we consumers purchase (think of cars, vacations, houses) are closely linked to our emotions. What to do...?

[@MrVideos2617]

Flying Translator do the 7 days method.. you must wait 7 days before buying anything and doing that you can clear any emotion you have when you saw the item or vacation you want but not need

[@HawkinaBox]

@@Fleeglebutt Can you blame them for that? So many influencers paint the picture that buying all these expensive items will make you happy.

[@shanepringle]

Interestingly, the 5 countries with the highest household debt to income ratios are Switzerland, Australia, Denmark, Norway and Canada. I bet most would not have suspected that would be the case. So these societal issues ebb and flow, and over time, countries with sound institutions, usually course correct over time.

[@saltymonke3682]

because their interest rate are among the lowest in the world. even negatives such as Swiss and Denmark

[@Fleeglebutt]

You forgot New Zealand. (Don't worry. Everybody does it.)

[@ABC-qd5oc]

These household debts are used to buy assets such as houses or apartments.... the credit card debts college students took is to pay for a fancy jacket and coffee... BIG difference

[@Harregarre]

Not all debt is the same. Debt that was used to buy an asset (a house for example) is not the same as gambling debt for example.

[@ojustasmr1705]

If it did happen in Indonesia... The one who goes bankrupt will be the loan sharks. 😂

[@Fleeglebutt]

Could it be that an Islamic country such as Indonesia does not view money lending (repayable with interest) as a noble profession.

[@ojustasmr1705]

@@Fleeglebutt everything is hard here..... But, people don't judge everything if money involved...😂

[@Roswell01Area51]

Explains why Squid Game was developed. If you can't pay huge debt, bet your life to pay it back.

[@tonymoly8739]

Parents should teach their kids never to spend money that they don’t have. It starts from the parents themselves to inculcate right values.

[@davidpark2990]

A Korean living in Singapore for 20 years now, I have NEVER seen Singapore or CNA criticise or shame China or Japan, Not once. This documentary is 100% propaganda to divert attention away from domestic issues. I agree Korea is the easiest country to target and shame on...because the Korean government won't care or bother about this documentary anyways..Korea is busy tackling the covid-19 virus and coming up with a vaccine LOL

[@flavioflavioflavio]

“Humiliated, he tried to kill himself”….. he was not forced into debt, now man up and pay your bills.

[@Kimtesfaye]

Rich countries, poor citizens . It’s the same for these “ rich “ countries.

[@user-vp8lj6ch6e]

Those people are only a few, and most of their 20s live on their parents' homes or live alone while playing part-time jobs.

[@shashankkolhe4111]

@@user-vp8lj6ch6e then how debt number reached to $1.2 trillion ??

[@user-vp8lj6ch6e]

@@shashankkolhe4111 School expenses, education costs, house prices,

[@user-vp8lj6ch6e]

@@shashankkolhe4111 The story of a person who lives in gambling and spoils life is a classic material for movies and webtoons, but I can't see them around.. If I look at illegal cartoon sites, there are so many illegal gambling advertisements that I can see that gambling sites are prevalent.

[@user-vp8lj6ch6e]

@@shashankkolhe4111 Of course, it's true that Koreans have a lot of debt on average, but that video is too narrow. The vast majority of citizens don't live up to gambling and spend too much money on luxury to match their income. I felt like this video portrayed Korean young people as pathetic humans who couldn't control overspending, and this video content even came to me insultingly. Koreans, like people in other countries, consume moderately, earn moderately, and live moderately. Koreans who can't control, like the ones in the video, are probably about one in 100, but in the United States, almost one in 100 is a prisoner. Can the majority of Americans be inmates?

[@ricefarmer1688]

In other countries bank always asset Credit score and other personal data so they can make sure there customer can pay the debt but it seem like in Korea they only give loan without looking at people profile this show that this is a scheme to make people pay more for what they can't repaid and also the regulation is weird in other countries the limit some only reach 35 % interest rate some even minus In conclusion blame the government and bank of Korea because they are indirectly suffocate there citizen with loan

[@Lifetime00]

Same in Korea as well.. I'd had a job in Singapore. when I moved back in Korea, a credit card company did not allow me to have credit card coz I had not had income in Korea before so my credit rate was 0 at that moment. After I approved that I have a job in reputable company then the company let me open my credit card. It took almost 2 weeks to submit all the required documents. As u aldy know, Korean gov is not that stupid. :)

[@sb8095]

Your research is incomplete even in Korea you need to have certain amount of money in your bank a/c to get credit card.

[@sungwoochoi5152]

Unfortunately, this year i have to pay high amount of tax in Singapore, however still I don't have any credit card in Singapore and Korea. For your information, He used illegal loan service not from normal bank. We, ordinary people, are more taking care about our credentials and social rank in the bank.

[@ricefarmer1688]

@@Lifetime00 you are right they limit your credit card to 2 and you only allow to register more if you Have special circumstances that is the case in some countries

[@ricefarmer1688]

@@sungwoochoi5152 there were a short footage of him holding 4 credit card and if it loan shark he would have been beaten to dead or his relative being harassed after all that are the common practice of illegal lender ( brute force client )

[@PraveenKumar-gt7xi]

Remember what Warren buffet said if you buy unwanted things now soon you have to sell things that you really want keep that in mind

[@101vaibhavmojidra4]

*1 in every 10 is Jobless in Korea*, Indians- that's an absolute win

[@Cross-xm2fr]

Materialistic society

[@davidpark2990]

A Korean living in Singapore for 20 years now, I have NEVER seen Singapore or CNA criticise or shame China or Japan, Not once. Korea is the easiest country to target and shame on...because the Korean government won't care or bother about this documentary anyways..Korea is busy tackling the covid-19 virus and coming up with a vaccine LOL. But yeahh this debt issue is common in probably every country in the world. But I don't understand why Singapore had to choose Korea among all...maybe CNA is anti-Korea? Idk haha

[@radiantmoon6477]

This is the more reason that you should not ever make a loan because of the interest rate. Unless you are really in dire straits, don't even think about making one

[@HawkinaBox]

This is incredibly stressful to watch probably because I have high anxiety about money which is why I use a debit card and cash rather than credit. It's so easier to budget.

[@mimosakhoo]

The government should stricken the law to protect people. The credits company with such high interested is illegal in Singapore. We call it loans hark.

[@anonanon9880]

Are we suppose to feel sorry for these people? There are people with legitimate reasons to be in debt and they picked the worst one to appear in this video.

[@davidpark2990]

Nope, because this documentary is a form of propaganda by CNA. Living in Singapore for 20 years now, I have never seen CNA shame China or Japan through a documentary before. Seems like Korea is the easiest to make fun of and shame esp. during this sensitive period of Covid-19. Korea is busy tackling the virus, sending test kits around the world and coming up with a vaccine and in return, CNA decides to shame Korea LOL

[@HawkinaBox]

In some way, I do feel sorry for them due to my high anxiety towards money, but at the same time I say YOLO.

[@marktan8074]

At least we know now not to envy them when we see their free spending lifestyle.

[@davidpark2990]

Hey there. A Korean living in Singapore for 20 years now, I have NEVER seen Singapore or CNA criticise or shame China or Japan, Not once. I agree Korea is the easiest country to target and shame on...because the Korean government won't care or bother about this documentary anyways..Korea is busy tackling the covid-19 virus and coming up with a vaccine LOL. But yeah, I do hope viewers realise that this documentary is obviously a form of propaganda to spark nationalism and possibly Anti-Korean sentiment. But I mean I love Singapore as most Singaporeans are neutral and view things objectively instead of based on stereotypes (which is very poor thinking)

[@realityqueen3173]

Nosejobs, skin bleaching treatments, jaw implants, eyelid bhleroplasty. S. Korea, plastic surgery capital of the world Those things dont come cheap

[@reed3863]

Peer pressure. They need to manage that first.

[@JonathanRuiz]

Is this where they got the inspiration for Squid Games?

[@jeshurandianga1251]

😂

[@Lifetime00]

Interesting... How much money he got from this foreign media to take this documentary.. It is absolutely not common to open his/her face not to blur out in Korea media..

[@harshitajain2525]

Not everything that glitters are gold.

[@moodydolly]

1 in 10 people 15-29 are jobless. Well, A good portion of them are still in school aren't they? What's the minimum age at which they can get out of school? And how many of them do leave school ths early?

[@CHCH179]

i have a particular friend that i could relate to. Spent beyond his means... but he is more fortunate because he has an aunt that constantly bail him out from drowning in debt, that is why he nv learnt. I feel bad for his aunt tho..

[@zhin13]

Nah she deserves all she gets for enabling him

[@CHCH179]

@@zhin13 that kinda harsh.. but yeah.. i agree

[@Hmmtsk]

I almost gag at some comments blaming 'society', 'peer pressure', debt collectors for causing someone to borrow so much money for something they don't even need or should not done due to limited income. Not admitting your lack of self control is not admitting part of your self. Not admiting your incompetent and blaming others for your lack of control to resist your own desire only make people look down on you, not think you cool. No one put a gun or a knife at your throat forcing you to borrow such large amount of money Yes, my life is fun. I shop at thrift shop and add little details that make them look fine, cook my own food, outdoor activities and volunteering for fun. Some of my friends and coworkers actually said I'm cool for not following the mass and rarely someone can move me

[@sitoudien9816]

The Korean trolls have come out. When ever media reports about Korea they get defensive and butt hurt. Trolls decry exaggeration and generalization are predictable. Rinse and repeat.

[@davidpark2990]

LOL nah dude. I'm a Korean myself but all of the documentary material is true indeed. But it is also quite clear CNA is trying to divert attention away from domestic issues in Singapore. A form of propaganda which is what every single country news outlet uses

[@muazbaharin2964]

This is why so many people went to the Squid Game

[@ChoosinUsername]

Whatever happened to "live within your means"!!?? Jesus effing Christ!

[@burtonl7239]

Nothing. It's just that a credit card has now become a "means."

[@IanPaulSaligumba]

Why would you live above your means? And the credit limit is crazy 😱

[@satriaamiluhur622]

Makes me grateful to live in a third world nation where almost everyone lives an average albeit fulfilling life. I mean yes, no money means no college, no fancy cars or clothes, and no extravagant shopping. We're taught from early age to be grateful with what we have and don't ask too much. That is why instead of pursuing expensive college, we prefer vocational school, and we prefer to buy cheap seconhand items (as long as it's still functional) than brand new ones

[@and_9835]

Now Squid Game have more sense

[@chiefordnance]

When I 🇺🇸 worked in korea 🇰🇷 for 3 years, I always had $2 million won in wallet and could get any Korean girl I wanted in Seoul, hell even some had their parents money and let me borrow their Range Rover.

[@benoconnor3160]

No one asked bro

[@sam.313]

I would feel pressure if my cat didn't have space to stretch! 1:49 He has a shopping problem, hope he spends more sensibly now

[@flower_k8713]

not only in SK, you can go bankrupt if you follow the same method

[@tiefblau2780]

In Japan the first thing you were taught is not to borrow what you cant pay and if you came to an end its rather more graceful to bring yourself to that end then the ship down with you.

[@prettynerd4779]

Its a consumerist society..

[@chibchan3765]

Lucky to have college loans 😭😭 me struggling to earn money to pay tuition fee

[@secretvibes4898]

there’s a lot of way but please don’t get dept

[@secretvibes4898]

go to community then transfer on you 3Rd year

[@chibchan3765]

@@secretvibes4898 Community college are the same with private universities here. The tuition fees is getting high and the salary still low and no time for part timw since the class start at 7 AM to 8PM

[@mahbrum]

These are private money lenders. These are not banks. The banks are more responsible. As soon as I read “private money lenders” I didn’t need to watch the video any further.

[@jokotri2186]

Did I hear someone need squid game

[@indragunawan205]

I thank many RPG games for teaching me how to save money

[@reed3863]

I thank gta san andreas for showing and teaching me that debt collectors will keep coming for you if you loaned money from the casino...and don't have enough to pay up. Same concept.

[@burtonl7239]

Really? RPGs just thought me I should kill wild animals to get money.

[@danielhaqim5284]

@@burtonl7239 rpg games like the witcher 3 taught me some money management. and for the better building sim games like two point hospital even taught me in deph for money management

[@HawkinaBox]

Same, same. I learned the same thing to save money and choose carefully on what should and shouldn't be bought from Second Life.

[@champaputih4568]

I noticed that 50 out of 49 in Korean movies dramas except traditional one I have watched are related to someone's debt and they have to work hard and afford everything that they can to pay it and sometimes they have to be gangs or burglaries or skip their lives because of these debts. But I wonder their country is easy to earn money so much that's why they have to be worried about financial problem? Everyone in Asia wish to have chance to work in Korea more than any other countries in Asia because their highest wage. As normal the foreign workers can earn more than 2k US dollars per month. I think this would be easiest to Korean to earn money more than 10 times compare to foreign workers.

[@汤圆-v4g]

Basically, payday loans. These loans are known to be predatory and prey upon people who they know have a low chance of paying back within those 2 weeks (so interest rates will begin stacking to be the benefit of the lender). Youngsters are easily swayed because of a multitude of factors, including lowered financial literacy.

[@AkweliParker]

It’s easy to sit in judgment and scream “personal responsibility!!!” But consider these unfortunate folks never had a financial education, are immersed in and pressured by a materialistic society, and are bombarded by lending companies with offers of easy money. These companies prey on people’s lack of financial acumen, which they were probably never taught. Looks like South Korea could use a Dave Ramsey-like figure (just maybe a bit less shouty).

[@reed3863]

So these Koreans never learn maths in school? Any Koreans want to vouch for this?

[@caligulapontifex5759]

Pretty words, but it is about "personal responsibilities". Period!

[@tonyhickq]

They all have a phone and access to the internet.

[@HawkinaBox]

And they don't keep track of how much they spend OR MAKE A BUDGET.

[@marishkaspirit]

So why doesn't he sell majority of his things to pay a part of his debt?? Looks like he's not even using many of those things he bought, like is more of a hoarding situation..

[@sali-ali]

I agree, even tho I have plenty of money to waste I still sell the things I don't use anymore and I never buy the things I don't need. There is no use of it staying somewhere in your house and collecting dust. I still drive my 2005 Mazda 3, it still runs perfectly fine, so what's the point on buying a new one. Instead I bought 2 apartments both in rent which are making me almost a full salary passive income. Guys spend your money wisely!

[@bsr3074]

Majority of Koreans do not live such way. Most of the people plan their income and try to spend as they can afford. If some Koreans have lots of fancy stuffs, it’s just bc they are rich. Do not generalize things without actually seeing it for yourself.

[@cynthiaponce2133]

Most Koreans have to live to a certain standard to be accepted in their social circle. At the same time, they were raised to think that that is the only way of living. My student cannot imagine what is really like being POOR, as in POOR.

[@jonathanhuang8313]

my combined cc limit is > $10000 but I rarely spend more than $100 per month. buy what you need not what you want

[@추호네집]

This was a huge social issue in South Korea last year and many financial aids programs run by the government have been now implemented for those young in serious debts. Wonder why this Singaporean media focused on this in particular at this time, without any further investigations of the current follow-up measures to help them.

[@추호네집]

See the following videos if you're interested in this particular topic for reasons: kzbin.info/www/bejne/ZoHdh3V6eLF6bas kzbin.info/www/bejne/gnS3h3ahp5mYbdE kzbin.info/www/bejne/o6ekYpqkfZiogJY

[@추호네집]

@5 It should've covered the story with some latest updated information. Otherwise, dude, you cannot call it NEWS. What's the point here anyway?

[@sb8095]

@@추호네집 exactly!!

[@sb8095]

@5 Well news media should be updated though.

[@davidjacobs8558]

If government forgive the debt, guess what's going to happen next? these people will do the same stupid thing again, and go right back into the debt again.

[@krissirk5405]

CNA insider. Can you make a video about the same problem right now here in the Philippines? loan sharks harassing and shaming people for nor being able to pay on time. Also putting high interest impossible for one to survive debt during the pandemic

[@adaniamran702]

Easy answer, they want to buy more to look cool rather than actually keep the money for something. The actual youngsters problems

[@tidudddudidam5163]

Just how they can obtain credit card while have no job? What kind of collateral they put which make them can have the credit card ckck

[@generalwarhammer9722]

*Front man* watches this video *Front man* It’s free real estate

[@bisvizstudio1242]

I don't understand why people are taking loans to go to universities. Because nobody in my country does. Is it because universities in my country are in low ranking so the fee is low? Or because people in my country know debt is bad so they don't want to be involved in that?

[@cappuccinopapi3038]

This is the point of laws, people just cannot self regulate.

[@17teacmrocks]

i know why. bc they went "yolo yolo yolo yuh 탕진잼 탕진잼 탕진 yea"

[@davidjacobs8558]

전세대가 아끼고 열심히 일하고 저축해서 경제를 발전시켰다고 하면, 그래서 우리도 그러라는 말이냐? 이따위 소리나 하지. 전세대가 그렇게 모은돈으로 고등교육 시켜줬는데, 꼴에 지들이 전세대보다 더 많이 배웠다고 꼴깝만떨뿐, 오히려 머리에 든건 없지.

[@chiodh]

This is a repeat...why are they showing this again? or did they get it from another source?

[@davidpark2990]

I don't know bro haha. I saw this before as well. I think CNA is just trying to continue sparking nationalism in Singapore and trying to divert peoples' attention away from domestic issues. But I mean this is normal in every country of course. Nothing wrong with that...but uploading some anti-Korean documentary during this covid-19 pandemic is questionable. Korea is busy tackling the virus and coming up with a vaccine and CNA uploads this??? HAHAHA

[@林沅沅-p3l]

THAT IS SO Confusing bank should stop giving them to borrow. That bank should control,when limited is 65 percent credit spent, they should cut off stop giving them to use .

[@Adept32k]

Wtf, why would you rack up that much debt? ITS MONEY not fuckin Monopoly money LMFAO 😂

[@catatonic8313]

instead of watching kpop or learning english they should have learned how to spend money and saving first.. jeez

[@SnowofLight]

How are credit card companies lending so much money that they KNOW they aren't getting back? What's the business model here? Are the loan debts being sold on to another party by the dollar?

[@imode1969]

Because credit card companies can package off and sell the debt (typically for 2-5% of the loan amount), then write it off from their corporate taxes as a loss. Besides, people who default make up a minuscule percentage so it's simply a cost of doing business.

[@Hoid.]

I have neen raised with one big principle: DON'T SPEND THE MONEY YOU DO NOT HAVE. It seems absurd to me to buy luxury goods or vacations with loans or credit card debt as an adult. I'm sorry but they brought it upon themselves. But the credit limit being this high is also the problem here. This should be illegal

[@pykemid3954]

1.3 TRILLION DAMM how u gona pay that back guess not LOL

[@mikeylejan8849]

Many people just want to look rich without being one. 500000 won sounds and looks insane. Coupled with poor financial literacy you are bound to disaster of debt.

[@akari3354]

I feel sad south korea..so why. This happen..

[@davidpark2990]

Because every country has the same problem HAHA Singapore or CNA WILL NEVER criticise or shame China or Japan, never. Singapore finds Korea a country to target and shame on so easily because the Korean government or media will not fight back...Korea is busy tackling the virus and producing a vaccine.

[@jsh12jho51]

Living beyond their means

[@DharmishthaSinghBankawat]

I am an Indian College student and I have this question since long that if they know how bad it is going still why are they not doing anything when kpop and kdrama advertise these lavish lifestyles???

[@fegoracedia6080]

As someone that isnt good with math and isnt familiar with interest rates and doesnt even own a credit card, I'm sometimes surprised I'm financially stable

[@ALing-ff2qf]

I thought us Asians were smart in Math. How did you think an interest rate of 500% was good my dudes?!

[@kneegear5123]

But if everyone called bankruptcy at once, won’t it cause a financial crisis?

[@mystchris]

Covid19 makes it even worse. A debt bubble

[@beyondtheclouds95]

Very vague and unclear reporting of numbers. Is the debt because of gambling or college? You lump these together like they are similar things. Why count the 15-18 year olds in the unemployment calculations? They’re not adults. What does the trillion dollar debt mean? Is the info more digestible if you do debt/household. You need put context around the data and communicate your ideas more accurately.

[@sangjeongkimcho293]

YUP!: THIS IS WHY I CALL HIM seung hui cho kim!!!!! THERE ARE 30s+ YEAR OLDS WHO SUFFER FROM SELF-ESTEEM ISSUES- HAVE YOU EVER SEEN SELF-ESTEEM ISSUES FOR PEOPLE PAST AGE 20? THIS IS VERY COMMON FOR THEM! toongpoongkoongsemnida.... neh ... neh... semnida... neh...

[@permafrost8894]

crazy guy stfu

[@vll16b]

Finally an informative video without Squid Game. So sick of that show.

[@jackroth5813]

Bankers and Casinos and Gambling platforms of all sorts are the worst scums on the earth

[@tedkim3066]

You are blowing things way out of proportion. Loan rates higher than 30% is strictly illegal and unenforceable. Unwise borrowers and loan sharks were much bigger problem in the 70s, and 80s because they were free to roam. Debt problem will never go away but please do not exaggerate.

[@jerou]

First-world-country problems.

[@jepstark5103]

What a cruel world. Dont do loan if not able pay it later

[@edwardyang8254]

A society "ripe" for a social revolution.

[@Thatgirlbri223]

The crazy thing in the us if your average income is 500$, u might not get a credit card lol