Cash-Strapped Commoners Turning to Card Loans and Car-Backed Loans [3-Minute Brief]

[At a Glance]
① Post-Chuseok Housing Market, Large Complexes Flood the Market
② HUG Refusals to Return Jeonse Deposits Increase Annually
③ Department Store Luxury Cosmetics Remain Strong Despite Recession

MARKET INDEX

- US New York stock market's three major indices all closed lower

- Despite Fed's 'big cut' in benchmark interest rate, investor sentiment remains weak

- Likely reflecting recession concerns highlighted immediately after

TOP 3 NEWS

■ Searching desperately for quick cash... 'Card loans & car collateral' recession-type loans increased

- Card loan balance in July reached 41 trillion KRW, an all-time high
- 'Quick cash window' insurance policy loans increased by 1.3 trillion KRW
- Car collateral loans have been on the rise since the beginning of the year

■ After Chuseok, the autumn housing market sees large complexes with over 1,000 units flooding in

- 29 complexes nationwide planned by the end of November this year
- General sales expected to total 34,306 units
- 16 complexes located in Seoul and the metropolitan area alone

■ HUG's refusal to return jeonse deposits increases annually... 176 cases this year

- From 12 cases in 2020 to 66 in 2022
- 128 cases last year, doubling in one year
- 'Non-occurrence of accident' is the most common reason

Graphic News: Luxury Cosmetics Doing Well Despite Recession

- Imported luxury cosmetics remain unaffected by recession... demand for 'small luxury' continues

- Color cosmetics have lower prices compared to perfumes and basic products, increasing accessibility... linked to conspicuous consumption demand

- Price hike trend maintained... product prices increased under the name of marketing expenses → sales growth

Law That Makes Money

■ Divorce alimony amount unchanged for over 30 years

- Judges discuss "Need to materialize alimony for marriage breakdown due to infidelity"
- Alimony unchanged since 1991... average similar to 10 years ago
- "Non-material damages that are difficult to calculate as well as mental damages should be considered"
☞Read article: https://www.asiae.co.kr/article/2024091814200049449

■ New phase in Jo Hyun-moon's attempted coercion case

- Testimony appears stating "Former Vice President Jo Hyun-moon knew it was attempted coercion but forced distribution of press release"
- Lawyer Gong said "If not distributed, said Jo Hyun-joon Chairman would be reported to prosecution for corruption"
- "Former Vice President Jo wanted distribution of press release recognizing his achievements at Hyosung"
☞Read article: https://www.asiae.co.kr/article/2024091814211652898

■ Why Kim Hong-gil-dong's legal surname is 'Kim'

- Only exceptions when surname agreed upon at marriage registration can follow the spouse's surname... criticized for 'lack of flexibility'
- "Revision needed to reflect social changes... expanding choice of surname and clan, important foundation for gender equality"
- Constitutional complaint on paternal primacy pending at Constitutional Court... Ministry of Justice expresses conservative stance
☞Read article: https://www.asiae.co.kr/article/2024091814224657793

※ 'Law That Makes Money', a content partnership corner between Asia Economy and Legal Newspaper, is published every Tuesday and Thursday.

Terms in the News: What is Copyright? 'Fast Movies' That Generate Revenue

YouTuber operating a domestic fast movie channel [Photo by YouTube]

- 'Work summary reviews' enabling quick consumption of desired content in a short time

- Copyright infringement controversy... strict response to fast movie issues since COVID-19

- No domestic lawsuits... promotional effect of content through fast movies exists

Today's Key Schedule

○ Domestic

08:55 August trade balance

19th KOSDAQ Genix subscription, public offering price 40,000 KRW

○ Overseas

03:00 Federal Open Market Committee press conference

03:00 US interest rate decision

10:30 Australia August unemployment rate

20:00 UK interest rate decision

20:30 Bank of England inflation letter

21:30 US initial jobless claims

21:30 Philadelphia Fed September manufacturing activity index

23:00 US August existing home sales

◇ Lunch & commute weather

○ Lowest temperature 26℃(▲1℃) ｜ Highest temperature: 33℃(▲1℃)
○ Precipitation probability morning 20%｜afternoon 60%
○ Fine dust morning good｜afternoon good

OK in 3 minutes, essential time-efficient economic news. Published daily at 8 AM.