Kore­ans can de­fer debt re­pay­ments

The New Age (Gauteng) - - BUSINESS -

SEOUL: South Kore­ans who have lost their jobs will be al­lowed to de­lay re­pay­ing prin­ci­pal debt on their loans for up to three years, start­ing from the sec­ond half of this year, the Fi­nan­cial Ser­vices Com­mis­sion (FSC) said. The plan aims to re­duce the debt bur­den on some of the coun­try’s most vul­ner­a­ble house­holds as bor­row­ing costs rise. The FSC will re­quire banks and fi­nan­cial in­sti­tu­tions to im­ple­ment the changes within this year so qual­i­fy­ing bor­row­ers can re­fi­nance their debt. – Reuters

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