Millions of Koreans Get Lifeline as Government Launches Debt Relief Program (Image supported by ChatGPT)
Government Kicks Off “New Leap Fund” to Wipe Out Old Debts for Over 1 Million Borrowers
SEOUL, Oct. 8 (Korea Bizwire) — The South Korean government has launched a new debt relief initiative aimed at helping long-term defaulters rebuild their financial lives, but officials face a key hurdle in securing cooperation from private lenders that hold a sizable share of delinquent loans.
The “New Leap Fund,” officially launched this month, will purchase and either write off or restructure delinquent debts of up to 50 million won ($36,000) that have been overdue for seven years or longer. The fund expects to…