“The excess was similar to what’s happening with the American housing market today,” recalled Song Ji-hoon, a Rolex-wearing lawyer in his mid-30s who worked on behalf of one of the credit card companies. “Koreans wanted fancy cars, bigger TVs — although there was no real money to buy them — much the way those Americans thought that they could own houses with nothing but loans. Of course, in both instances, banks got greedy extending credits and mortgages to people who couldn’t pay back.
The real hangover can be seen in a shift in buying habits. Before the mass use of credit cards, Koreans had been big savers. In a culture where family members are expected to help one another financially, they put money away for everything."

They say they do credit checks before giving out a credit card to someone but that's not true. If it was I would never have been given not just one but two.