Wasn't it recently being touted as a great sign of progress that Koreans were taking to credit cards?
Martin Hart-Landsberg wrote:
Park Jong-kyu, a research fellow with the Korea Institute of Finance, called on the poor households to cut down expenses to curb the growing deficits. He pointed out that Korea`s bottom 10 percent earners had spent 50 percent more than their income in recent years, far above Japan`s lower class, who spends around 80 percent of their income. "We should consider whether the poor class overly relied on debt rather than tightening spending," Park said in a report.
-- Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901 www.michaelperelman.wordpress.com
