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S Koreans face rate cliff as loans rise

Surge in personal loans prompts warnings that bankruptcies will disrupt economy

Published Fri, Aug 19, 2016 · 09:50 PM

Seoul

A SURGE in South Koreans taking out non-bank, personal loans has prompted warnings that bankruptcies will disrupt an already slowing economy.

"As the income gap grows, more people will encounter an interest rate cliff," said Cho Nam Hee, president of the Financial Consumer Agenc…

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