Byunghwan Kim: "Debts Related to Gambling Will Be Screened in Debt Write-Offs"

Authorities to Separately Review Gambling-Related Debts
Plan Aims to Support Those Facing Severe Financial Hardship

Byunghwan Kim, Chairman of the Financial Services Commission. 2025.5.7 Photo by Yojongjun

Regarding the government's decision to collectively write off individual debts of up to 50 million won that have not been repaid for more than seven years, authorities stated that, if possible, debts related to gambling and similar activities will be reviewed separately.

Byunghwan Kim, Chairman of the Financial Services Commission, attended the National Assembly's Political Affairs Committee plenary session on June 30 and said, "There may be a misunderstanding that debt write-off exempts all debts, but we will review both income and assets," adding, "If possible, we will also review debts related to gambling."

He explained, "There are opinions that we should look into what kind of debt was incurred in the past, but in reality, it is difficult to obtain such detailed information when purchasing debts from financial institutions, so we need to take this into account and establish appropriate criteria."

He added, "This debt adjustment plan is intended to support those who truly lack the ability to repay and are facing severe financial hardship."