This year, 58.4% of new borrowers are in their 30s or less…
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It was found that the proportion of’new borrowers’ who received loans from banks for the first time in their 30s and below has steadily increased since 2017.
According to the Bank of Korea Household Debt Database (DB) on the 26th, the number of new borrowers accounted for 6.7% of all borrowers until the third quarter of this year, down from 7.1% last year. However, the amount of debt held by new borrowers was 3.7% of the total, an increase of 0.4% from last year’s 3.3%, because the average loan amount of new borrowers increased by 17.3% from 39.91 million won in 2019 to 4584 million won this year.
By age group, the share of all new borrowers in their 30s or younger is 58.4% until the third quarter of this year, and this share has increased every year since 49.5% in 2017. On the other hand, the proportion of new borrowers in their 40s decreased from 19.4% in 2017 to 14.9% this year, and also in their 50s (16.9% → 13.8%) and 60s or older (14.2% → 12.9%). The debt of new borrowers in their 30s and under this year accounted for 55.3% of the total, higher than last year (52.4%), and the rest of the age groups decreased at once.
As of the third quarter of this year, the average debt holdings of new borrowers in their 30s and under were 43.55 million won, which was less than that of other age groups, but increased by 19.9% from the average debt of last year’s new borrowers under 30s (36.32 million won). Such an increase rate exceeds those in their 40s (53.93 million won, +16.9%), 50s (47.77 million won, +14.4%), and over 60s (46.1 million won, 12.9%).
Han Eun explained, “Young people have a lot of loans for the first time in their lives due to employment, etc., but it seems that the scale of their loans has increased as their home purchases have increased recently. / Reporter Yang Joon Cho [email protected]
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