Applicants for Debt Restructuring to Hit Record High

The number of people applying to have their debt restructured is forecast to hit a record high this year. Financial authorities say more than 93,000 people filed for personal bankruptcy during the first 10 months of 2014, up more than 7.5 percent from the same period last year.

Experts say high household debt means more people are struggling to make ends meet.

Household debt stood at roughly US$950 billion as of September, according to the Bank of Korea, an increase of $20 billion from June.

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