SEOUL, Oct 22 — Many small business owners in South Korea recognise themselves in the cash-strapped characters of the wildly popular Netflix drama, who vie desperately for a chance to win US$38 million , exposing a debt trap that is all too familiar.
“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 theWhile foreigners may associate South Korea with the boyband BTS and sleek Samsung smartphones, the drama points to a dark flipside of rising personal borrowing, the highest suicide rate among advanced nations, and the rarity of getting free of debt.
“Due to traditional practices in the banking industry, business owners in South Korea face high likelihood of taking the debt burden from the business they run,” said bankruptcy judge Ahn Byung-wook. “Culturally, failed entrepreneurs are socially stigmatised, so starting over is hard, as people don’t trust them,” added Ahn, who has spent four years at the Seoul Bankruptcy Court.The numbers of South Korea’s self-employed rank among the world’s highest, forming a quarter of the job market, making it vulnerable to downturns. A central bank study in 2017 showed that just 38 per cent of such businesses survive three years.
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