|South Korea government to help people in debt
People have a lot of debt. They use credit cards too much and owe a lot of money. People have loans for food. More young people have big student loans. South Korea is doing something to help people with debt. It will cancel the debts of 1.6 million people on low incomes. Its National Happiness Fund will help people with money problems to make a fresh start in life. South Koreans who cannot pay back debts of less than $9,000 could get help.
A former South Korean president started the National Happiness Fund in 2013. He wanted to help Korea's poorest people and make people more equal. However, there is still a big problem because people on middle and higher incomes have most of the debt in South Korea. The government is trying to stop working families from going bankrupt. It said families have "a mountain of debt". It must do something quickly. There could be a big debt crisis coming.