The number of South Koreans in their 50s and older seeking debt relief surged in the first half of 2025, reflecting a growing financial strain among aging households.
According to data obtained Tuesday by People Power Party lawmaker Choo Kyung-ho from the Credit Counseling & Recovery Service (CCRS), 47,750 individuals had their principal debt reduction approved via the government’s individual workout program during the first half of 2025. Older borrowers accounted for a significant portion of the total, with 19,656 applicants aged 50 and above. This included 11,633 in their 50s and 8,023 aged 60 or older, both record highs. The number of approvals…