debtors Archives | Be Korea-savvy

Government Expands “Livelihood Account” Protections to Help Debtors Rebuild

SEOUL, Oct. 29 (Korea Bizwire) – South Korea will expand financial protections for low-income debtors next year, introducing a new “livelihood account” that shields up to 2.5 million won (US$1,740) per month from seizure. The Ministry of Justice said Tuesday it will propose a revised enforcement decree to the Civil Execution Act that raises the [...]

Number of Credit Card Defaulters on Rise: Data

SEOUL, Nov. 3 (Korea Bizwire) — Alarm bells are ringing for South Korea’s credit card industry, which has many vulnerable debtors, including those with low income and low credit scores, as the repayment capability of debtors is showing signs of deteriorating due to the recent hike in the benchmark interest rate. The nation’s seven major [...]