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South Korea Personal Debt Issues

A sale banner hangs at the factory that closes down due to the economic downturn in Sangju, South Korea, on June 25, 2025. 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	#12503449
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 sale banner factory closure economic downturn Korean government personal debts 50 million won controversy fairness policy application loan cap borrower multiple debts debt forgiveness economic policy financial relief government plan loan forgiveness personal finance debt cap economic impact financial policy public opinion policy criticism debt management financial controversy loan policy economic strategy financial inequality government intervention debt relief.

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