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Entry 2020.11.16 08:52 | Revision 2020.11.16 09:03
… Concerns are needed about the expansion of illegal private finance. ”
Han Jeong-ae “Discuss how to reduce the interest burden but reduce the side effects of loans”
Eun Seong-soo “Comprehensive review of the level, method, schedule and complementary measures for reduction”
In addition, on the 16th, the Democratic Party and the government began discussions about how much to lower the current legal maximum interest rate of 24% per year. Democratic Party leader Kim Tae-nyeon told a party political meeting in the National Assembly Hall of Congress this morning: “It is anachronistic to set the legal maximum interest rate at 24% with low interest rates. It is necessary to reduce the interest burden of ordinary people by lowering the highest rate.
Won Nae Kim said, “We will also prepare measures to prevent the side effects that may occur due to a lower legal maximum interest rate.” “If finance companies reduce their loans, there is a possibility that financing opportunities for people with little credit will be reduced, and there is a fear that illegal private financing will expand accordingly,” said Kim Won-nae. Said. Furthermore, he said, “there is a need for the government to provide multifaceted complementary measures to support self-reliance opportunities, such as financial support and fiscal adjustment for the general public, distinguishing between those who have the ability to pay and those who do not have the ability to pay. payment between low creditors “.
The Chairman of the Democratic Party Policy Committee Han Jeong-ae said: “In many domestic and foreign countries, the trend of low interest rates continues and our economy is entering maturity after a period of high growth, and the economic growth rate and nominal income growth rate are falling. ” “It will be difficult to maintain economic life while it overwhelms them.” A policy committee chairman also said: “We will discuss ways to cut the maximum interest rate to reduce the side effects of dropouts while maximizing the merits of reducing the burden of interest on ordinary people.”
The statutory interest rate fell from 66% per year in 2002 to 24% per year in 2018. The ruling ruling party in government is reported to have caught up with the drop of around 20% per year this time. It is also President Moon Jae-in’s presidential election promise to cut the legal maximum interest rate.
Finance Commissioner Eun Seong-soo said: “In the case of loans that are frequently used by low-income and low-credit people, the legal maximum interest rate is collectively applied regardless of the actual repayment capacity, so it is a reality that this burden cannot be reduced without a cut in the maximum rate. ” “The level and method of the (interest rate) cuts, timing and accompanying measures were extensively revised to maximize points and minimize the downside.”
