
The government will write off the debts of approximately 1.13 million individuals who have been in arrears for more than seven years and owe less than 50 million won. It will also roll out expanded debt restructuring plans for self-employed and small business owners burdened by high interest rates, particularly those impacted by the coronavirus pandemic. This marks the first time the government is directly using public funds to address personal delinquent debt. However, since the government’...