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South Korea Launches Debt-Relief Policy from August; Requires Income Below 60% Median

2026-07-20 02:44:19

According to Yonhap Infomax, South Korea's Financial Services Commission vice chairman Kwon Dae-young announced on July 20 that the government will launch new debt-relief regulations from August. The policy allows authorities to verify assets without borrowers' consent and targets individuals earning below 60 percent of the median income with no recoverable assets. If borrowers are found to have concealed assets, debt adjustments will be invalidated, the official said.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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