SEOUL: 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 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 the Squid Game. The proportion of those falling behind on more than one type of personal debt payment has risen steadily to reach 55.47 per cent by June from 48 per cent in 2017, figures from the Korea Credit Information Services show.
Banks often demand that business owners stand as joint surety for the firm's borrowing, a practice the government banned for public financial institutions in 2018, although three owners told Reuters some providers persist.
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