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South Korea Personal Debt Issues

A bustling street in Sangju, South Korea, on June 25, 2025, where the number of visitors decreases due to the economic downturn. The Korean government's plan to eliminate long-overdue personal debts of up to 50 million won ($36,672) sparks growing controversy over fairness in the policy's application. Because the cap applies per loan rather than per borrower, individuals with multiple qualifying debts could see amounts exceeding 50 million won fully forgiven. (Photo by Seung-il Ryu/NurPhoto)

Photo Details

Photo ID	#12503446
Date Taken	25 June 2025
Location	N/A
Photographer	Seung-il Ryu/NurPhoto
Category	Economy, Business and Finance
Copyright	© 2026 NurPhoto - Seung-il Ryu/NurPhoto

Related Keywords

South Korea Economy Debt Finance Sangju South Korea economic downturn visitors Korean government personal debts controversy fairness policy application loan cap borrower multiple debts debt forgiveness 50 million won 36 672 dollars government plan long-overdue debts economic policy financial relief loan forgiveness debt relief economic impact financial controversy debt cap policy fairness loan policy economic challenges financial burden debt management government intervention financial policy economic strategy.

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