When Seoul office worker Lee Jun-ho, 40, learned that some low-income borrowers could have debts of nearly 50 million won written off after repaying only a fraction — as little as 2.5 million won — his reaction was not relief but frustration, a sentiment shared by many working professionals. “It felt like punishment for trying to hang on, meeting monthly interest payment and saving money to repay the principal,” he said. He took out the loans and has since made his payments diligently. “I work full time, wear a suit every day, and still owe what I owe. But because I’m not classified as ‘vulnerable,’ I get zero relief? I’ve never defaulted. I’m just working hard to survive. Now I see headlines like that and it makes me question whether it is worth it at all.” Lee has a mortgage and credit card loans, not to mention his wife and two children to support. “My salary looks fine on paper, but after monthly interest, living expenses and everything, there’s nothing left,” he said. “People like me are invisible in this system. We’re too ‘normal’ to qualify, I gues
Borrowers frustrated over expanded debt relief for low-income earners
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