Financial Industry Public Interest Foundation to Provide Interest Support for High-Interest Multiple Debtors

Supporting Financial Recovery

Juwan, Chairman of the Financial Industry Public Interest Foundation (left), and Junhong Park, Chairman of the Social Cooperative Urihamkke, are taking a photo at the business agreement ceremony. Photo by Financial Industry Public Interest Foundation

The Financial Industry Public Interest Foundation announced on January 22 that it has signed a business agreement with the social cooperative 'Urihamkke' for the 'High-Interest Multiple Debtor Interest Support and Financial Management Capacity Building Project.'

This project provides support for financial recovery activities targeting individuals with multiple debts.

The program will target 200 individuals with multiple debts carrying annual interest rates of 15% or higher and will include support for high-interest loan interest payments, financial recovery assistance centered on financial counseling, and the provision of financial education.

This initiative is part of the inclusive finance program and goes beyond simple interest support by assisting the financial recovery process through financial counseling, credit management, and connections to refinancing loans.

Juwan, Chairman of the Financial Industry Public Interest Foundation, stated, "High-interest multiple debt is not simply a debt problem; it is an area where various factors such as limited access to finance and income volatility interact in complex ways. We aim to help individuals move toward a more stable financial life by supporting systematic management of their repayment process."

Meanwhile, the Financial Industry Public Interest Foundation is a fund jointly established by 100,000 members of the financial labor union and 33 financial institutions centered around the banking sector. It is the first industry-level labor-management joint public interest foundation in Korea to carry out social contribution projects.