Financial authorities say that the Moon Jae-in government plans to forgive long-overdue debts as soon as the Cabinet composition is complete.
 
During the presidential campaign, President Moon Jae-in pledged to write off debts worth under ten million won that are more than ten years overdue.
 
As of the end of March, the national Happy Fund, a state-run financial program, has outstanding loans of one-point-nine trillion won yet to be repaid by 437-thousand people. If the debts are forgiven, four-point-35 million won will be written off per person.
 
The Moon government also plans to reduce the current maximum legal interest rate of 27-point-nine percent to 20 percent in phases, and to ban the total interest from exceeding the principle.