S. Korea’s Poisoned Chalice of Household Debt Restricts Park

After a series of failed business ventures, Kwon Eui Moon decided to get rich in a more traditional way in South Korea by taking out a mortgage in 2002 and waiting for house prices to soar. They haven’t.

After 10 years, Kwon still owes 112 million won ($103,107) on his 109-square-meter (1,173-square-foot) apartment in a southern Seoul suburb. His 5 million won in monthly living costs and debt payments is four times what he makes in a good month importing toys from China. The value of his home since he bought it hasn’t even kept pace with inflation.