Some one-point-18 million South Koreans are believed to be in serious debt as their yearly repayments outweigh their income.
 
The National Assembly speaker's office released the results on Tuesday after analyzing  data provided by credit appraiser NICE Investors Service.

The debtors had a debt service ratio(DSR) of more than 100 percent as of the end of June.  A DSR above 100 percent means the debtor is not able to pay off all of his or her debt with income.
 
The data used includes loans households have taken out from financial institutions including banks, saving banks, insurers, credit financing firms and other lenders.
 
The data excludes loans belonging to people whose credit status has not been appraised and those who have defaulted on their loans for more than seven years.
 
As of the end of June, the annual income of an average South Korean person in debt stood at around 37-point-two million won with an average 13-point-three million won spent on repaying principle loans.