• Title/Summary/Keyword: credit problems

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Review of US Credit Counseling and Debtor Education Programs (미국의 신용불량예방 교육 및 상담 프로그램 고찰)

  • Lee, Eun-Hee
    • Korean Journal of Human Ecology
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    • v.18 no.1
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    • pp.123-136
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    • 2009
  • Debt and credit problems in Korea have been escalated during the past decade. The number of people with debt and credit problems is in its historic high. In May 2008, about 2.48 million debtors are officially classified as bad debtors and 7.20 million people have low credit scores. People with low credit scores are in disadvantageous situation in the financial market thus their financial transactions and activities are limited. In 2004, Korean government introduced various credit rehabilitation programs. However, most of these problems are remedial in nature and preventive programs such as credit counseling and debtor education are lacking. The purpose of this review is to examine US credit counseling and debtor education programs to obtain insights for preventive credit program developments in Korea. The review focused on programs offered through National Foundation for Credit Counseling, Jump Start, and Cooperative Extension Services from two large land grant Universities. From the program review suggestions and recommendations for educational contents, program and educator developments, and program quality control were discussed.

A Study on the Some Problems in Relation to the Issuance of Letters of Credit (신용장의 개설 관련 제 문제에 관한 연구)

  • Lee, Bang-Sik;Park, Suk-Jae
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.46
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    • pp.159-177
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    • 2010
  • This work intends to study some problems in relation to the issuance of letters of credit. Those problems are the delay of issuing letters of credit, the reissuing letters of credit, and the issuing letters of credit in the third party's name. Sellers and buyers must keep in mind that the supply of letter of credit by buyer is the condition precedent for a seller's shipment obligation. A seller has no obligation to ship the goods until he receives the letter of credit by buyer's bank, issuing bank. An issuing bank can have the risk that an original letter of credit and a reissued letter of credit can be used double in the exporting country. The most safe method for issuing bank is to cancel the original letter of credit and to reissue a new letter of credit. When an issuing bank issues a letter of credit in the third party's name, the bank should investigate the background of the transaction and give the buyer a proper line of credit.

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A Study on the Problems and Instructions of Negotiation Before Maturity under Deferred Payment Letter of Credit - Focus on the Cases of Different Countries - (연지급신용장 만기전 매입의 문제점과 유의사항에 관한 연구 -각국의 판례를 중심으로-)

  • Kim Kyung-Bae
    • Journal of Arbitration Studies
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    • v.16 no.2
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    • pp.213-238
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    • 2006
  • Deferred payment letter of credit is the L/C that makes the issuing bank to pay a beneficiary at maturity stipulated in the credit. In this deferred payment letter of credit transaction, is it possible that a confirming or nominating bank payor negotiate before maturity? and the confirming or nominating bank have legal protection when paid or negotiated before maturity? These problems are raised in argument. By the way, Korea, Switzerland, Germany, and Italy are positive on the above question, but France, United Kingdom, and Singapore are negative. Therefore, when using deferred payment letter of credit, it is required to keep in mind that the understanding of maturity stipulated in the credit is different among countries, legal principles of each nations, and researchers. And other problems are raised also as follows; the application of Fraud Rule and principle of independence and abstraction as nature of credit, when to pay credit amount to beneficiary, and refusal of payment due to poor quality. Finally, it is required to use deferred payment letter of credit, after full understanding of deferred payment letter of credit pointed out in this paper.

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Consumer Complaints and Settlements on Credit Cards (신용카드 상담사례를 통해 본 소비자문제의 유형과 개선 방안)

  • 김경자
    • Journal of Families and Better Life
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    • v.19 no.1
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    • pp.77-93
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    • 2001
  • This paper examines consumer problems and issues of credit card use. The cases of credit card problems were from a civil consumer organization called Green Consumers Network in Korea. This paper focused on over five concerns, including credit card issuing, lost or stolen card settlements, vendor fee charging to customer, withholding payment in case of unsatisfactory purchases, and abusive debt collecting practices. Some solutions for the consumer problems were suggested.

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A Study on the Problems in the Application of UCP 600 in the International Trade Transactions with China (중국과의 무역거래에서 UCP 600 적용상의 문제점에 관한 연구)

  • Park, Suk Jae
    • THE INTERNATIONAL COMMERCE & LAW REVIEW
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    • v.61
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    • pp.191-211
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    • 2014
  • This paper intends to study some problems in the application of UCP 600 in the international trade transactions with China. Generally speaking, China complies with UCP 600 well. Nevertheless, there are some problems in the application of UCP 600 in China owing to the difference in law and practices. There are some problems in the application of UCP 600 in China owing to the difference of practices under Bills of Exchange Act and The Provisions of the Supreme People's Court on Some Issues Concerning the Trial of Cases of Disputes over Letter of Credit. The Act insists on the formal requirements, the consistency between a letter amount and a figure amount, the unconditional payment character of bills of exchange. The Provisions include the recognition of revocable credits, the difference of standard in examining documents, the difference in the treatment of issuing banks in relation to discrepant documents. These aforesaid matters of the Act and the Provisions are inconsistent with the practices under the UCP 600. There are two main problems in the operation of letters of credit in China. One is the lack of concerned parties' practice knowledge in relation to letters of credit in China. The other is the inactive stance of nominated banks in China. There are two main problems in relation to judiciary institutions in China. First, judges in China tend to abuse the injunctions owing to the lack of understanding in relation to letters of credit. Secondly, there are inconsistency in the court ruling in China.

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The problems regarding negotiation of an Acceptance and Deferred Payment Credit under the UCP 600 (UCP 600 적용상 인수 및 연지급신용장 매입에 관한 문제점)

  • Kim, Jong-Rack;Yang, Eui-Dong
    • International Commerce and Information Review
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    • v.11 no.3
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    • pp.287-309
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    • 2009
  • There were many changes regarding Negotiation of document under UCP 600. First of all, the definition of Negotiation was changed. The UCP 500 stated "Negotiation means the giving of value for drafts and documents by the bank authorized to negotiation", but the UCP 600 defines "negotiation" as following "negotiation means the purchase by the nominated bank of drafts and/or documents under a complying presentation". Under the UCP 600 the meaning of negotiation was more clear than UCP 500. Second UCP 600 permits all deferred payment credits be discountable or negotiable. This amended rule equated the deferred payment credit with banker's acceptance credit which was contrary with the nature and the practice of former deferred payment credit transaction. Third, UCP 600 has also provided for reimbursement rights for nominated banks and a conceptual basis for protecting nominated banks against beneficiary fraud. In this paper, the problems regarding negotiation of document under UCP600 was studied and the solutions for the problems occurring in appling UCP 600 in practical field was provided.

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Policy Recommendations for Enhancing the Role of Credit Rating Agencies in the Debt Market (채권시장에서의 신용평가기능 개선을 위한 정책방향)

  • Lim, Kyung-Mook
    • KDI Journal of Economic Policy
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    • v.28 no.1
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    • pp.1-47
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    • 2006
  • Even after significant changes in the financial market due to the financial crisis the corporate debt markets have seen created turmoil caused such as by Daewoo, Hyundai, and credit card companies in the financial system. These lagging improvements of corporate debt markets are mainly due to inadequate market infrastructure. Specifically, the credit rating agencies have not been successful in providing proper and timely information on the loan repayment abilities of debtors. This study analyzes past performance of credit rating agencies in Korea and tries to develop policy implications to improve the role of credit rating agencies based on the recent discussions on credit rating agencies by academics and the SEC. In addition, this study focuses on unique operation environments of Korean credit rating agencies, which have kept credit rating agencies from providing fair, timely, and useful information. To warrant proper operation of credit rating agencies, it is essential to cope with unique problems in Korean credit rating agencies. We classify the unique problems of Korean credit rating agencies into ownership and governance structure, conflict of interests due to ancillary fee-based business, legal recognition of credit rating in the court, and code of conduct problem, etc. and propose policy directions to improve the quality and credibility of credit ratings.

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Consumer Credit Use and Credit Problems in Korea (우리 나라 소비자신용의 이용실태와 합리화 방안)

  • 김경자
    • Journal of the Korean Home Economics Association
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    • v.38 no.2
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    • pp.79-89
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    • 2000
  • The purpose of this study was to investigate the consumer credit use in Korea at the macro and micro level. For this purpose, various published data from the Korean Bank and other institutions were analyzed. The data showed that the total amount of consumer credit use has been rapidly increased although it decreased a little bit after the 1977 economic crisis, for a while. The influencers of consumer credit use were also investigated. Finally, implications for consumer credit use in the future were suggested.

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Feature Selection for Multi-Class Support Vector Machines Using an Impurity Measure of Classification Trees: An Application to the Credit Rating of S&P 500 Companies

  • Hong, Tae-Ho;Park, Ji-Young
    • Asia pacific journal of information systems
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    • v.21 no.2
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    • pp.43-58
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    • 2011
  • Support vector machines (SVMs), a machine learning technique, has been applied to not only binary classification problems such as bankruptcy prediction but also multi-class problems such as corporate credit ratings. However, in general, the performance of SVMs can be easily worse than the best alternative model to SVMs according to the selection of predictors, even though SVMs has the distinguishing feature of successfully classifying and predicting in a lot of dichotomous or multi-class problems. For overcoming the weakness of SVMs, this study has proposed an approach for selecting features for multi-class SVMs that utilize the impurity measures of classification trees. For the selection of the input features, we employed the C4.5 and CART algorithms, including the stepwise method of discriminant analysis, which is a well-known method for selecting features. We have built a multi-class SVMs model for credit rating using the above method and presented experimental results with data regarding S&P 500 companies.

The Influence of Credit Card on the Financial Management of Household (신용카드가 가정경제에 미치는 영향)

  • 임정빈;이영호
    • Journal of Families and Better Life
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    • v.9 no.2
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    • pp.77-91
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    • 1991
  • The use of credit cards has been increasing form last decade, although there are many kinds of difficulties for using credit cards. the aims of this study is exploring the problems of arising form the use of the credit card. Four types of the problem are proposed; 1) The problem of managing the credit card. 2) The problem of the time of using credit card 3) The problem of ' credit 'between issuer and user of credit card, 4) the problem of cosigner. The cases which concerned with each types of problem are discussed. Guidelines of using credit card are proposed that can be useful for consumer education and helpful for users and dealers of credit card.

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