Many people around the have a lot of debt. They owe a of money. They are using cards more and more. People are taking out to help them buy food. More young people are borrowing lots of money and have huge student . One country is doing something to help people with . South Korea is going to write off the debts of as as 1.6 million people. The government wants to help people on incomes who have money problems. It has a scheme called the National Happiness Fund. It wants to help people to make a start in life, without money worries. South Koreans who are struggling to pay back debts of than $9,000 could get help.
The National Happiness Fund started in 2013 to help the people in Korea with their debts. The was a big promise of a South Korean president. He wanted to reduce growing in the country. Household debt is a big in South Korea. The Happiness Fund will help with this. However, there is still a big with middle and higher-income workers. These people have of the debt in South Korea. The Korea Times newspaper said the government is, "preventing working families from going bankrupt under a of debt". It said the government needed to act soon because there could be a big debt coming.