Chungnam Credit Guarantee Foundation announced on the 2nd that from the 11th of last month, it conducted around 40 debt adjustment consultations over a period of 20 days for financially vulnerable residents in the province through the Provincial Financial Welfare Counseling Center.
Debt adjustment refers to a system that helps debtors repay their debts by extending the repayment period, adjusting interest rates, or reducing the principal according to the debtor's circumstances, such as income, debt, and dependents. This includes personal rehabilitation, personal bankruptcy, credit recovery, and the Saechulbalgi-geum (New Start Fund).
In particular, the Provincial Financial Welfare Counseling Center provides customized guidance on the most suitable debt adjustment system for residents in need of debt adjustment through consultations.
Chairman Cho Sohaeng said, "There are many residents who could benefit from debt adjustment but either do not know about the system or give up," and added, "I hope people will find the courage to get back on their feet through financial welfare counseling and consulting for debt adjustment."
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