Learning from the Credit Card Crisis - in South Korea
Suki Kim writes an op-ed for the New York Times titled "Notes From Another Credit Card Crisis" that looks at the experience of South Korea - where credit card debt exploded in the early years of this decade.
Kim writes: "South Korea managed to weather the storm, albeit with no shortage of heartbreak. Today Seoul’s neon-lighted streets burst with credit-card friendly shops — but high household debt has depressed spending."
Korea's solution to the Financial Crisis was, in part, the flotation of thousands of credit cards, which created the subsequent credit card crisis, coupled with a real estate policy.
Posted by: Korea credit card crisis | March 13, 2011 at 10:15 PM