Credit: Public domain.
Bittoo 빚투, a play on #metoo, is a portmanteau of “debt 빚” and “investment 투자”. The term has arisen in reference to the trend, particularly among the young, of borrowing money to invest in stocks.
According to information collected by Assembly Member Jang Hye-yeong 국회의원 장혜영 of the Justice Party 정의당, there was a 133.8% increase in the amount of money in margin accounts held by people in their 20s as of August 2020 compared to December 2019, although there was a significant increase across all age groups. Also, according to Jang’s information, 57% of the customers of “minus accounts” - credit accounts which essentially operate as cash advancement with a high interest rate - are people in their 20s.
