"Paying Off Debt Is My Life Plan"... Young People Pushed to the Starting Line

An increasing number of young people are saddled with overwhelming debt even before taking their first steps into society. The reporting team met a music student who receives no economic support from her parents. Although this student takes out student loans and works part-time at a restaurant four times a week while also working at the school counseling center to make money, it was difficult to cover living expenses and major lesson fees. In the end, she gave up her dream of becoming a musician and decided to change her major. The student loans she would have to pay back upon graduation were becoming a heavy burden, and the student says, "My life plan is to get a job the moment I graduate and pay off my debt first."
A 30-year-old youth this year who studied hard since school days and entered a university located in Seoul faced a crisis due to sudden job loss. Finding re-employment was not easy, and credit card debt, which began to be accumulated little by little for immediate living expenses and his mother's medical bills, swelled to 86 million won before he knew it. The young man, who fell into a quagmire of debt, is repaying his debts after receiving court approval for individual rehabilitation. He studied hard and lived diligently, but all that remains is debt.
  An office worker in their 30s, who said they were victims of lease fraud twice in a row, started working multiple jobs ("N-jobs") as they faced the risk of losing their deposit. Excluding their main job, they reportedly have five regular part-time jobs. They say there is no place on their body that doesn't hurt, but they cannot stop working due to anxiety that they might lose their job and fall into debt at any time. Starting from college student loans, the difficulties of finding a job, lease fraud, and high prices are returning as debt crushing the lives of young people. Interpretations emerge that youth debt has become another facet showing the structural problems of our society, rather than a problem of an individual's consumption habits or economic sense.
  Kang In-soo, a professor in the Department of Economics at Sookmyung Women's University, pointed out that "there is definitely an aspect where society is turning unfavorably toward the younger generation," noting that the cost itself for young people to enter society has become too high. In addition, attorney Park Ki-tae, who has met many young people as a rehabilitation and bankruptcy expert, cited "the reality that the increase in income cannot keep up with the increase in assets and the lack of quality jobs for young people" as the cause of youth bankruptcy. Youth debt is not simply the result of borrowing money, but stems from a labor market where it is difficult to prepare for the future even by working diligently.

This week, SBS sheds light on the reality of young people who find it difficult to avoid debt even while living diligently, and ponders together what structural alternatives are needed for their lives to move toward hope once again.
※ Please note: This article was translated by AI and may contain errors.