Word: creditably
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...BUSINESS Korea: Credit Crunch...
...BUSINESS Korea: Credit Crunch...
...month ago, all Choi Pyong Jin had to do to feed his habit was insert one of his 18 credit cards into a bank ATM. Out came borrowed money, about $25,000 a month, which he shoveled into his ailing business?until the day of reckoning. Crushed by debt that far exceeded his annual income, Choi was forced to sell his house to pay off some of the card companies, but he still owed $113,000. A few weeks ago, he decided to break the pattern that had precipitated his financial ruin. He took scissors to his credit cards...
...South Korea's infatuation with easy credit has reached a similarly nasty finale...
...government program instituted in 1999 to stimulate the domestic economy by getting thrifty citizens to borrow and spend has been too successful. Today, every working South Korean has on average four credit cards?and some 2.2 million people are behind on their payments, having rung up a staggering total of about $100 billion in credit-card debt. That's $2,000 in debt for every Korean, an amount equal to roughly a quarter of the country's annual economic output...