Reported 1 day ago
In Japan, personal debt has surged, exacerbated by high interest rates and a rising cost of living, leading to a significant increase in bankruptcies and suicides related to debt. With household debt surpassing incomes for the first time, many are struggling to manage loans, culminating in over 70,000 bankruptcies filed in 2023. Young people face particular challenges, as low wages and poor financial literacy leave them vulnerable to falling into debt traps. The situation reflects a profound economic struggle for many in the country, as burdensome debt threatens their financial stability.
Source: YAHOO