Due to the cryptocurrency and stock investment craze that has continued since last year, it has been found that the amount of multiple debts of young people in their 30s and younger who have borrowed loans from three or more financial institutions has increased by more than 30% compared to about five years ago.



Shin Yong-sang, senior research fellow at the Korea Institute of Finance, said in a report titled 'Status of Multiple Debtors in the Domestic Financial Industry and Risk Management Plan' on the 31st, "As the size of multiple debtors in the financial sector and their debts per capita is rapidly increasing, the risk of potential insolvency is increasing."



According to the report, as of the end of April, the total number of multiple debtors in the financial sector was 4.51 million and the amount of debt was 598.8 trillion won, which was 344 million, respectively, compared to the end of 2017 (4166,000 people and 490.6 trillion won). 1,000 people (8.3%), an increase of 108.8 trillion won (22.1%).



Looking at the amount of multiple debts by age group, young people in their 30s and younger rose 32.9% (39.2 trillion won) to 158.1 trillion won.



The middle-aged people in their 40s and 50s increased 16.2% (51.2 trillion won) to 368.2 trillion won, and those in their 60s and over increased 32.8% (18 trillion won) to 72.6 trillion won.



The middle-aged people accounted for the highest at 61.5% of the total amount of multiple debts, but the rate of increase was more than twice that of the middle-aged among the young and the elderly.



As a result, the amount of debt in the financial sector per multi-debtor increased by 12.8% (KRW 15 million) from KRW 118 million at the end of 2017 to KRW 133 million.



The youth group increased by 29.4% to 114 million won, the middle-aged group increased by 10.4% to 143 million won, and the elderly group decreased by 10.3% to 130 million won.



In addition, in the second financial sector, where loan interest rates are high, the rate of increase in debt and multiple debtors among young people and the elderly is increasing, raising concerns about the possibility of insolvency.



(Photo = Yonhap News)