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South Korea is to write-off the debts of as many as 1.6 million people in a move designed to ease the financial burden on low-income individuals.
The scheme is open to certain Koreans who have struggled to repay debts of less than 10m won ($9,128; £6,826).
Eligible people can apply to the government for debt relief from next February.
They will be paid in part out of the government’s “National Happiness Fund”, set up to help troubled borrowers.
To qualify for the scheme, individuals must prove they earn a monthly income of less than 990,000 won ($910), and show they have struggled to pay …
Read the full article at: http://www.bbc.com/news/business-42177172
