Writ­ing Off Debt

Reader's Digest Asia Pacific - - Bonus Read -

More than 1.5 mil­lion South Kore­ans will have their debts paid off or re­struc­tured by the ‘Na­tional Hap­pi­ness Fund’.

It’s part of a gov­ern­ment plan to re­lieve the eco­nomic pres­sure on lower-in­come cit­i­zens. To qual­ify, South Kore­ans must have an in­come of less than US$910 per month and prove that they have tried for at least a decade to re­pay the bor­rowed money.

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