People around the world have a lot of . They owe a lot of money. They use credit cards too . People are taking out for food. More people are borrowing money and have student loans. South Korea is doing to help people with debt. It will write off the debts of up to 1.6 million people. The government wants to help people on incomes. Its National Happiness Fund will help people with money problems to make a start in . South Koreans who are struggling to pay back debts of than $9,000 could get .
The National Happiness Fund started in 2013 to help Korea's people. A former South Korean president said he wanted to reduce in the country. The Happiness Fund will help with this big . However, there is still a big with people on middle and higher . These people have most of the debt in South Korea. The Korea Times said the government is trying to stop families from going bankrupt under "a of debt". It said the government must act because there could be a big debt coming.