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KMID : 1124020050210010119
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Korean Social Security Studies
2005 Volume.21 No. 1 p.119 ~ p.147
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Anlysis of Household Debt Burden by Income Classes
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Kim Hak-Ju
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Abstract
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The purpose of this study was to investigate the effect of household income on the debt structures of households. Household debts were categorized into six types according to borrowing sources: debt from banks, other financial institutes, employers, private sources, Gye, and retailers. Income classes were classified into five groups, ranked by the household equivalent income level: lowest, low, medium, high, and highest. In addition, the objective debt burdens were measured by three variables. They are, the total debt amount, the monthly debt repayment, and the ratio of debts repayment to household income and total debt amount. The data came from the Korean Labor Panel Survey from 1998(1st wave) to 2002(5th wave). The finding shows that rates of holding each types of debt and debt amounts were different according to household income classes. The relatively low classes tend to hold more debts from private sources, other than from financial institutes and also suffer from higher and excessive debt burden and even three years after the Asian financial crisis, their situation was not much discovered.
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KEYWORD
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household debt, monthly debt repayment, debt ratio, income classes
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