A restaurant owner in his 60s, who requested anonymity, recently put his Seoul eatery up for sale after just two years in business.
“I thought things would get better after COVID-19 ended and tourism resumed, but it’s been difficult,” he said. “As the store began running at a loss, I accumulated debt and have now been delinquent for over three months.”
He’s now seeking employment, but says the expected wage wouldn’t be enough to manage his debt. He’s exploring debt relief options through the Credit Counseling & Recovery Service (CCRS), a government-backed agency that helps individuals avoid bankruptcy and restore financial stability.
His case underscores a growing concern among Korea’s aging population. The country is witnessing…