Today, we discussed credit loan service. We talked about the loan of private lending market, commercial bank and saving bank. According to the National Statistical Office, the average amount of debts is 52,000,000 won. It is increasing and increasing every year. Also, 30% citizens answered that they can’t repay their debt within a redemption period of time. In Korean society, loan service is the big problem to many nation people.
Most of all, the loan from private lending market is the most serious problem. Taking out a private loan is quite a simple procedure. It is much easier than other loan services from the bank. We know that predatory lending at high rates to people who is in urgent need of money. Also, most of the people who use this private service are very poor. Because of these people’s credit rating, they can’t borrow money from a bank. So they choose this service, buy many of them lastly go through a bankruptcy process. In other words, current credit ranking system is too strict. It is kind of hard and fast rules. A lot of people are compelled to choose the private loan service.
Therefore, we should solve this matter stage by stage. We need a change for citizen’s better life. The banks simplify loan procedures and allow many more people the chance of borrowing money. Government should support the bank’s system and give various loan benefits. Also, government has to the matter of private loan. They should keep a close eye on the activities of illegal private loan service.
I agree with your opinion. As you said, our loan service is a huge problem for many people. So, someone need to dispute this problem. It may be the government, lender or banker. If we let it go just like this, our situation will be worse.
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