Busan City Provides Up to 1 Million KRW for Youth Debt Adjustment and Overdue Prevention Costs

Financial Counseling for Busan Residents Aged 18-39: Spending, Debt Management, and Asset Building

Support for Overdue Prevention and Debt Adjustment Costs for Youth Applying for Excessive Debt, Personal Rehabilitation, and Workout

Busan City, together with the Busan Credit Guarantee Foundation (Chairman Seong Dong-hwa), will provide financial counseling, cost support, and financial education to young residents of Busan aged 18 to 39 through the "2024 Youth Credit Recovery Support Project."

The "2024 Youth Credit Recovery Support Project" is designed to help young people aged 18 to 39 residing in Busan according to their resident registration by offering one-on-one customized financial counseling, support for debt adjustment and delinquency prevention costs, and tailored education to resolve youth debt issues and promote economic independence.

The Busan Credit Guarantee Foundation operates the Busan Youth Hope Credit Counseling Center, providing personalized financial planning services such as credit management, spending management, and debt management through professional counselors to young people in the Busan area.

Additionally, through discussion groups and group education sessions, the center offers essential information that young adults starting their careers need to know, such as salary management methods, year-end tax refund benefits, and ways to prevent jeonse fraud.

This project supports costs up to 1 million KRW if a young person’s debt repayment amount is excessive relative to their income, even if they do not proceed with personal rehabilitation, individual workout procedures after financial counseling, or use the debt adjustment system.

To receive cost support, applicants must apply for financial counseling and visit the Busan Youth Hope Credit Counseling Center for consultation. Support eligibility is determined after a review following the counseling session.

Costs are supported until the budget is exhausted. Financial counseling applications can be submitted through the Busan Youth Hope Credit Counseling Center website, and more detailed information about the support can be found on the Busan Youth Platform or the Busan Youth Hope Credit Counseling Center website.

Consultation Procedure.

Nam Jeong-eun, the city’s Youth Industry-Academic Policy Officer, said, “We hope that debt adjustment and delinquency prevention cost support through personalized financial counseling will help young people struggling with debt problems.” She added, “We hope many young people will use financial counseling to create financial plans suited to their situations and help build their assets.”