The government plans to clear the debts of up to six-point-two trillion won for some one-point-six million defaulters who have failed to repay debts of ten million won or less for more than ten years.
 
The Financial Services Commission and other related agencies unveiled the measure on Wednesday, saying they will receive applications from such defaulters and clear their debts after screening their ability to repay debts, starting from next February.
  
People who don’t have any assets and who earn 990-thousand won or less per month will be eligible.

Financial authorities said the average amount of debt in arrears per person is around four-point-five million won and that most of the defaulters are over 60 years old.