South Korean President calls for action on personal debt crisis

South Korean President Lee Jae-myung has strongly urged for a systematic approach to investigating and managing personal debt, labeling it a "tremendous social problem." Speaking at a cabinet and emergency economic check meeting at the Blue House on Tuesday, Lee expressed concern over individuals facing extreme hardship due to overwhelming debt.

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In what country do people die because of debt? Our society is too harsh.

"It is highly likely that cases of people being driven to extremes stem from personal debt rather than financial institution debt," Lee stated, questioning the severity of the social system. "In what country do people die because of debt? Our society is too harsh."

He further elaborated on the dire consequences, referencing instances of family suicides linked to debt. "What kind of primitive society is this? Shouldn't we discover these cases by creating a special mechanism or conducting investigations?" he asked, emphasizing the need to prevent situations where people are driven to death by debt. Lee suggested that the issue appears to be neglected.

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It is common sense that if you cannot repay, you should be discharged.

President Lee also stressed the importance of actively informing citizens about personal bankruptcy and debt discharge systems. He argued that while debtors may bear some responsibility, creditors also have a role in assessing repayment ability before lending. "It is common sense that if you cannot repay, you should be discharged," Lee asserted, criticizing media narratives that emphasize the lifelong burden of debt and potential moral hazard. He concluded that the inability of individuals to access these relief systems, leading to prolonged economic inactivity or worse, represents a significant loss to society.

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Shouldn't we discover these cases by creating a special mechanism or conducting investigations? We must prevent situations where people die because of debt.