Faster Net, Deeper Debt

Korean government announced that it will be 100Mbps nationwide network by 2010.  While Korea is known as the broadband mecca, not many realizes that broadband distribution in Korea is heavily centered around major cities.  I have not be able to confirm it but I have read that 90% of broadband distribution in Korea is concentrated around Seoul where nearly half of Korean population lives.  What this means is that Seoul is the broadband mecca, not Korea.

Korea went completely nuts over credit cards in recent years and many Koreans have built up unsurmountable debts which greedy card companies are now being weighed down with.  LG Card, Korea's largest credit card issuer, is in deep trouble and seeking emergency loans.  In a culture where the cost of saving face is high, credit card is both a blessing and a curse.

All it takes is one fool, who thinks spending $1000 at a bar is proper or $1500 handbag is essential, to start the domino of mutual destruction.  He treats you and you treat back and so on.  Soon such lavish treatment becomes the norm for good times and the whole country sinks in debt.  Only protection against this is the lost art of Iron Face.  Muhahaha!