Gyeonggi-do Seomin Financial Support Center Emerges as a 'Household Debt' Solver

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The Gyeonggi-do Center for Financial Welfare Support for the Underprivileged has been receiving high praise from residents as it achieves significant results in household debt, debt, and illegal debt collection issues.

Gyeonggi-do has established and operates the 'Center for Financial Welfare Support for the Underprivileged' in 12 locations across the province to assist residents facing financial difficulties.

The support center carries out various projects including ▲ counseling and support for debt adjustment such as credit recovery, personal rehabilitation, and bankruptcy ▲ providing customized financial consulting to improve household financial balance ▲ counseling to respond to illegal debt collection by loan companies and support for debtor representation ▲ providing information and linkage support to residents eligible for welfare benefits.

Last year, the support center conducted 13,687 financial consultations for 9,612 people. It also supported debt adjustments for a total of 695 cases (141.9 billion KRW), including 465 personal bankruptcies, 66 personal rehabilitations, and 164 credit recoveries.

Mr. A, who was struggling with living difficulties due to multiple debts, visited the Center for Financial Welfare Support for the Underprivileged, received comprehensive financial consulting, and decided to apply for personal bankruptcy. After filing with the court, he received a discharge decision within five months and was freed from debts exceeding 200 million KRW.

Mr. B, who had taken out an apartment mortgage loan and incurred an early repayment fee of 47 million KRW, visited the Center for Financial Welfare Support for the Underprivileged, received a cash flow diagnosis, and received customized financial planning including a repayment plan.

Lee Byung-woo, Director of Welfare at the provincial government, said, "Going forward, Gyeonggi-do plans to focus on providing financial consulting to applicants for underprivileged financial products and improving counseling environments to strengthen the functions of the Center for Financial Welfare Support for the Underprivileged, offering tailored support to residents." He urged, "Anyone struggling with household debt should not hesitate to knock on the door of the Center for Financial Welfare Support for the Underprivileged."

The province operates the support centers regionally in the western area (Anyang, Ansan, Bucheon), southeastern area (Suwon, Yongin, Pyeongtaek, Gwangju), and northern area (Goyang, Guri, Uijeongbu, Paju).