Lee vows to address predatory financial practices tormenting debtors

“President Lee Jae Myung on Tuesday pledged to address what he called predatory financial practices burdening low-income debtors, referring to cases of defaulters excluded from a government debt cancellation program. The president made the remarks on his X account, posting a link to a news article highlighting cases of defaulters struggling with snowballing debts due to crushingly high interest rates. The article said that a privately run bad bank that had taken over the debts of the defaulters did not participate in the Lee administration's debt cancellation program for low-income borrowers, leaving its debtors ineligible for benefits, while pocketing huge profits. "I did not know this primitive, predatory financing has survived to this day to strangle ordinary people," Lee said. "Why have the authorities in charge not discovered this absurdity until now?" the president noted, vowing to find ways to resolve the issue. The president said there are "limits" in companies' profit-seeking activities, stressing the importance of coexistence.

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