People around the world have a lot of debt. They owe a lot of money. They use credit cards too much. People are taking out loans for food. More young people are borrowing money and have student loans. South Korea is doing something 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 low incomes. Its National Happiness Fund will help people with money problems to make a fresh start in life. 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 Korea's poorest people. A former South Korean president said he wanted to reduce inequality in the country. The Happiness Fund will help with this big issue. However, there is still a big problem with people on middle and higher incomes. These people have most of the debt in South Korea. The Korea Times newspaper said the government is trying to stop working families from going bankrupt under "a mountain of debt". It said the government must act quickly because there could be a big debt crisis coming.