People have a lot of debt. They use credit cards too much. People have loans for food. Students have big loans. South Korea is doing something to cancel the debts of 1.6 million poorer people. Its National Happiness Fund will help people to make a fresh start in life. It will help people who cannot repay debts of less than $9,000.
The National Happiness Fund started in 2013. It was to help Korea's poorest people and make them more equal. There is still a big problem. Richer people have most of the debt in South Korea. The government wants to stop them from losing all their money. Many families have "a mountain of debt". This could be a big problem.