Lee Jae-myung: "Household Debt Surge Worsens Commoners' Lives... Need for Seizure-Proof Account System"

"Support for Saemin Finance is for the Capital Market System"

Lee Jae-myung, leader of the Democratic Party of Korea, pointed out that the rapidly rising household debt is worsening the lives of ordinary people and continued his consecutive efforts on livelihood issues.

Democratic Party leader Lee Jae-myung is speaking at the 'On-site Meeting to Alleviate Financial Burden for Vulnerable Groups' held at the Credit Recovery Committee in Jung-gu, Seoul on the 24th. Photo by Yonhap News

On the 24th, Lee held a meeting to address issues related to financial services for ordinary people at the Central Financial Support Center for the Common People in Jung-gu, Seoul. He stated, "South Korea's household debt ratio is among the highest in the world and will become a factor in future economic crises," adding, "The government boasts that the national debt ratio has not increased, but household debt and self-employed debt have surged, leading to economic stagnation and worsening people's lives."

Lee said, "In an era of low growth, anyone who can bear a loan interest rate of 15.9% must have divine abilities," and emphasized, "We need to find fundamental solutions to problems such as interest rates." He continued, "Some tend to view financial support for ordinary people as a kind of welfare or benevolent policy, but it is an essential measure for economic growth and development," adding, "Just like dredging the mud accumulated at the bottom of a reservoir, household debt must be removed for the capital market system to operate normally."

Lee also stressed the necessity of a seizure-protected bank account system. He said, "If seizure is prohibited on accounts limited to living expenses, people will be able to carry out everyday economic activities," and added, "We are preparing a system that allows one seizure-protected account per person." Furthermore, he explained, "No system should interfere with or destroy an individual's life," noting, "There are probably many people suffering because they cannot open bank accounts."

Recently, Lee has been continuing his consecutive efforts on livelihood and economic issues. On the 19th, he personally participated as the chair in a discussion on the revision of the Commercial Act, listening to opinions from the business community and general investors. Last month, the Democratic Party designated a bill to amend the Commercial Act, which expands the duty of loyalty of directors to shareholders, as a party bill.