According to data from the state-run financial watchdog, the number of young South Koreans with delinquent loans has significantly risen over the past three years. As of July, 65,887 individuals in their 20s were identified as "delinquent borrowers," representing a 25.3 percent increase from 2021. This surge in delinquent borrowers among young adults greatly outpaced the overall 8 percent increase in the total number of people with bad credit during the same period. The delinquent borrowers are individuals who have not repaid their credit card debt or bank loans for at least three months, or have failed to pay a minimum of 5 million won ($3,700) in taxes for at least a year. As a result, they face various disadvantages such as restrictions on obtaining loans, suspension of their credit cards, and readjustment of their credit ratings. The increase in the number of young delinquent borrowers is attributed to the challenging job market, which has been directly impacted by the country's ongoing economic downturn. Statistics Korea estimated that a significant portion of the population aged 15 to 29 were not engaged in employment or actively seeking jobs in July, further highlighting the economic challenges faced by young South Koreans.