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South Korea Personal Debt Issues

A ''For Sale'' banner hangs at a restaurant that closed due to the economic downturn in Sangju, South Korea, on June 25, 2025. The Korean government's plan to wipe out 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	#12503450
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 restaurant closure economic downturn Korean government personal debts debt forgiveness 50 million won $36 672 controversy fairness policy application loan cap borrower cap multiple debts debt relief financial policy economic policy loan forgiveness personal finance economic impact policy controversy debt management financial aid government policy South Korean economy loan forgiveness cap borrower fairness debt cap economic challenges policy implications financial controversy.

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