This is the text (if you need help).
Many people around the world have a lot of debt. They owe a lot of money. They are using credit cards more and more. People are taking out loans to help them buy food. More young people are borrowing lots of money and have huge student loans. One country is doing something to help people with debt. South Korea is going to write off the debts of as many as 1.6 million people. The government wants to help people on low incomes who have money problems. It has a scheme called the National Happiness Fund. It wants to help people to make a fresh start in life, without money worries. South Koreans who are struggling to pay back debts of less than $9,000 could get help.
The National Happiness Fund started in 2013 to help the poorest people in Korea with their debts. The scheme was a big promise of a former South Korean president. He wanted to reduce growing inequality in the country. Household debt is a big issue in South Korea. The Happiness Fund will help with this. However, there is still a big problem with middle and higher-income workers. These people have most of the debt in South Korea. The Korea Times newspaper said the government is, "preventing numerous working families from going bankrupt under a mountain of debt". It said the government needed to act soon because there could be a big debt crisis coming.Comprehension questions
- What does the article say people owe a lot of?
- What are people taking out loans to buy?
- How many people might South Korea help with debt?
- What is the name of the scheme that will help people with debt?
- How much debt do people have to be struggling with to get help?
- When did the scheme start?
- What growing thing does the government want to help reduce?
- What does the article say is a big issue in South Korea?
- Who has the most debt in South Korea?
- What big thing did a newspaper say might be coming?
Back to the debt lesson.