11.55% delinquency rate for vulnerable self-employed...It's the best in 11 years.

Longer interest rates have pushed the delinquency rate for vulnerable self-employed loans to an 11-year high.

According to the Financial Stability Report for the second half of this year released by the Bank of Korea, the delinquency rate for self-employed loans stood at 1.7 percent in the third quarter of this year, of which the delinquency rate for vulnerable self-employed loans stood at 11.55 percent.

The 11.55% loan delinquency rate for vulnerable self-employed people was the highest since 12% in the third quarter of 2013.

By business sector, the delinquency rate of non-bank loans for self-employed people was 3.51%, significantly exceeding the delinquency rate of 0.51% for bank loans.

According to the characteristics of self-employed borrowers, the number of low-income and low-credit borrowers has recently increased while the proportion of high-income and high-credit borrowers is high.

Noting the recent increase in the number of low-income and low-credit self-employed borrowers, the Bank of Korea pointed out that it is necessary to closely check the debt repayment capacity of self-employed borrowers and respond selectively accordingly.