The economy is currently in very bad shape. It's so dire that ordinary people have even flocked to this place. It's a very dangerous situation. Hello, I am the pilot reading for the remote work program. You are all experiencing the poor economy firsthand, right? However, the reality is that the economy is much worse than what we perceive. Usually, ordinary people earn money through work and sustain their livelihoods with it, but since money is not flowing, they have to resort to loans. Loans themselves are not bad, but recently, they have become harder to obtain. As a result, the bad third-tier financial institutions are now reaching out. The figures are staggering, and today, we will study this topic together. Let's discuss it while looking at the screen. Due to loan regulations, even ordinary people are now facing loan restrictions. Consequently, they are heavily relying on card loans.

Card loans allow us to borrow money if we have a credit card. While obtaining a card loan is relatively easy, the interest rates are very high. Therefore, it is not considered a good type of loan. However, many people turned to card loans because other loan options were restricted. Do you remember that scene from the drama The Youngest Son of a Conglomerate? There, Song Joong-ki recognized the rapid increase in card loans as a very dangerous situation. In fact, just before the IMF crisis, card loans surged in South Korea. Initially, card companies enjoyed a boom, but as people who took out card loans struggled to repay them, the situation became very risky, leading to defaults.

Anyway, many ordinary people are now flocking towards card loans. While card loans are one option, cash services are also being utilized extensively. Combining card loans and cash services, about 44 trillion won in loans have been issued, which is the highest ever recorded. You all know what cash services are, right? It's when you withdraw cash from your card. It's one of those things you absolutely should not do, as the interest rates are truly astronomical. Sure, you might be able to spend 1 million or 2 million won in cash right now, but the interest will grow to an unmanageable level. Currently, card loans and cash services, which involve withdrawing cash from your card, are not just using existing money; they are borrowing money. These two combined have reached a historic high of 44 trillion won, to be precise, 44 trillion 700 billion won. So almost...

We're talking about nearly 45 trillion won. If we look back, we can see the 2008 financial crisis and the COVID-19 pandemic in 2020. The amount now is even greater than it was then. However, the economic situation felt by self-employed individuals and ordinary citizens is worse than during those times. Interest rates are extremely high. For example, the interest rate for loans can be as high as 13%, while cash services can reach 17%. When we take out loans from the first financial sector, the interest is usually around 4%. The second financial sector has rates of about 7%. We can see that the interest rates are absurdly high compared to both the first and second financial sectors. So why are we paying such unreasonable interest rates? It's because there's no alternative. If a loan is not approved in the first financial sector, where do we go? We end up in the second financial sector. If we're denied there as well, we have no choice but to resort to credit loans or cash services.

It is easy to get a loan, so even though the interest rates are high, people think, I need to live now, and they take out loans. As the financial sector has tightened its lending, ordinary people have started to rely on borrowing from one source to pay off another. This is why, as I mentioned earlier, the Bank of Korea is deeply concerned. If they lower the interest rates, housing prices are likely to rise, but if they do not lower them, ordinary people will continue to be in a very risky situation. So they are in a dilemma. We need to observe how they will handle this. Now, let's take a brief look at the current status of credit card loans and delinquencies in a table format. In 2019, credit card loans amounted to 35 trillion won, and by 2021, they increased to 38 trillion won. By August 2024, credit card loans are projected to reach 44 trillion won. Looking at delinquencies, in 2021, it was 700 billion won, but now in 2024...

In August, the overdue amount is approximately 1.3 trillion won. The overdue amount has doubled, and both the loan amounts and overdue amounts are increasing. This indicates that the situation in card loans is not good. We need to pay close attention to the delinquency rate, which is very important. If people borrow a lot and repay well, there is no problem at all. However, we mentioned that there is an overdue amount reaching 1.3 trillion won. Can this money be repaid? Of course, it cannot be repaid. This will likely lead to bankruptcy for many. Currently, most debtors belong to the next generation, the 2030s. We expect that there will be many bankruptcies among this generation. The next generation, the 2030s, which supports the backbone of our country, is facing such difficulties, which is a strong signal of economic recession. Currently, the United States is experiencing an economic...

To prevent a recession, interest rates have been significantly lowered. This means that we cannot avoid an economic downturn either. However, we need to address this by lowering interest rates, but doing so might lead to an increase in housing prices, which puts us in a situation where we can't lower rates. Recently, we have seen a steady increase in credit card delinquency rates. Since 2021, this trend has been consistently rising. Statistically, we see a rate of 3.8%, which means that out of 100 people, about four may not be able to repay their debts. We need to pay attention to this increasing figure. If the rate remains stable, it would be fine, but the continuous rise in delinquencies could lead to issues for credit card companies, and this could eventually translate into problems for the financial sector as well. Looking at this, we can start to draw conclusions about the future of the economy: it may worsen.

The probability is high. In fact, many self-employed individuals are currently going out of business. It is said that the business closure rate among self-employed individuals in our country is the highest since its establishment. Therefore, in this situation, it is advisable not to take out loans recklessly. When buying a house, I wouldn't recommend doing it in the same way as before, such as relying on excessive loans. If you have enough money and can manage a reasonable loan, it is good to buy a house. However, taking on excessive debt when you don't have much money is not advisable. Additionally, overspending is not good. For instance, changing your phone to the latest model or switching to a new car just because a good model has come out are not wise choices in the current situation. Even if you think you're fine, please avoid overspending. The surrounding circumstances are showing very unfavorable indicators.

The more we should ensure that we fill our granaries with food, the better we will be able to get through the barley season. So today, I encourage you all to reflect on your spending habits. It would be good to check not only the large amounts of money but also the smaller, everyday expenses. In that sense, we have launched a decaffeinated stick at our Time Coffee. It only costs about 200 won per cup. Instead of buying expensive coffee for 3,000 or 4,000 won outside, our Time Stick is just about 200 won per cup. If anyone needs it, I will provide a link so you can enjoy an affordable coffee life. I just wanted to make this little promotion. Thank you all for studying together today. I look forward to continuing to study with you all in a fun way.

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