As more borrowers are in marginal situations due to the economic slowdown, the number of ordinary people who have been unable to pay back their debts and have started debt adjustment is expected to record the highest ever this year.
According to the data received by Rep. Lee Jung-moon of the Democratic Party of Korea from the Credit Recovery Committee, 179,000 people applied for debt adjustment by the end of November this year.
Including the December figures, the total number of debt adjustment applicants is expected to exceed 184,000 last year.
Debt adjustment is a system that extends the repayment period, adjusts interest rates, and reduces debt for borrowers who have become difficult to pay off their debts due to hardships in life.
By November, there were more than 26,000 applications for self-employed debt adjustments, exceeding last year's record, and 152,000 applications for personal debt adjustments, which is 96% of last year.
At the same time, corporate bankruptcy has already reached an all-time high this year.
According to the monthly court statistics, 1,745 corporate bankruptcies were filed in courts nationwide in the first 11 months of this year, surpassing the total number of cases last year, which was the highest ever.
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