Gwangju City Launches Nation's First Debt Adjustment Cost Support Program

Practical Recovery Support for Financially Vulnerable Groups

Gwangju Financial Welfare Support Center. Provided by Gwangju City

On July 7, the Gwangju City Government announced that it will implement the "Debt Adjustment Cost Support Program" for the first time in the country, with the aim of alleviating the financial burden of economically vulnerable groups and providing practical support for financial recovery.

This program is designed to strengthen the functions of the Gwangju Financial Welfare Support Center and to reduce the initial costs faced by citizens undergoing debt adjustment procedures.

The program is available to citizens whose income is at or below 75% of the median income and who have signed a personal debt adjustment agreement with the Credit Counseling and Recovery Service through counseling and referral by the Gwangju Financial Welfare Support Center. The support amount covers a fee of 50,000 won incurred at the time of debt adjustment application. Detailed eligibility criteria and application procedures can be found in the announcements section of the Gwangju City website. For more information, citizens are encouraged to contact the Gwangju Financial Welfare Support Center.

The city expects that this program will lower the economic barriers encountered at the starting point of financial recovery and encourage more citizens to access the debt adjustment system.

Joo Jaehee, Director of the Economic and Startup Bureau, stated, "We will strengthen policy support so that citizens facing financial crises can begin a real recovery," and added, "We will continue to identify and promote financial welfare policies that meet the needs of our citizens."