President Lee Jae Myung urged stronger safeguards against illegal debt collection, voice phishing, and rental fraud, stressing that victims should not be driven to despair or suicide.

According to presidential spokesperson Kang Yu-jung on Friday, Lee said during a meeting with senior aides the previous day that excessive debt burdens and abusive collection practices are major factors behind suicides among vulnerable borrowers.

He instructed officials to review regulatory loopholes, asking whether “the convenience of financial institutions in pursuing collections is undermining the rights of debtors.”

On housing fraud cases, Lee warned that flaws in the current housing loan system may have contributed to suicides among fraud victims, calling for deeper reforms to prevent harmful side effects.

He also supported aides’ proposals for a “life-saving financial policy series,” aimed at easing debt restructuring and curbing predatory lending practices.

Lee further noted the rise of copycat suicides following celebrity deaths, urging stronger enforcement of media reporting guidelines, while also highlighting the need to shorten wait times at youth counseling hotlines and address high suicide rates among military officers.