Pyongyang, March 12 (KCNA) -- Household debt has now reached an all-time high of nearly one trillion U.S. dollars in south Korea.
The debt that had annually increased over 5 percent from 2000 now totals 929 billion U.S. dollars beyond the internationally set danger line.
Debt for each household amounts to more than 1.7 times its yearly average income, topping the world list.
40 percent of household debt was what the families loaned from the banks with their houses as collateral.
As the householders' income shrank and the house prices decreased more than 15 percent as against the past period under the influence of the economic downturn, the banks are now finding it unable to get back even the principal, to say nothing of interests.
This is an inevitable product of the unpopular economic policy of Lee Myung Bak who pushed the economy into bankruptcy and the people's lives into destitution. It is the unanimous public opinion that the upcoming parliamentary and presidential elections will serve as a harbinger heralding the puppet group's ruin. -0-
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