No 'Squid Game': South Korea's Real-Life Debt Trap
NDTV
The proportion of those falling behind on more than one type of personal debt payment has risen steadily to reach 55.47% by June from 48% in 2017, figures from the Korea Credit Information Services show.
Many small business owners in South Korea recognise themselves in the cash-strapped characters of the wildly popular Netflix drama 'Squid Game', who vie desperately for a chance to win $38 million, exposing a debt trap that is all too familiar.
Nearing retirement at 58, Yu Hee-sook paid off her debts long ago, but still gets calls from collection agencies threatening to seize her bank accounts, as the loans got securitised and sold to investors without her knowledge.
"In Korea, it's like the end of the world once you become a credit delinquent," said Yu, who got by on small jobs, such as writing for movie magazines, during the 13 years it took to pay off the debts she incurred over a movie that flopped in 2002.
"All I wanted was chances to repay debt, but banks don't let you make money," added Yu, who feels trapped in an unforgiving life-long ordeal, just like the 456 game show contestants of the 'Squid Game'.
