Cheong "Considering Measures to Assist Inevitable Loan Delinquencies Due to Prolonged COVID-19"

Cheong explains background of credit recovery support for diligent repayment defaulters... "Regret many commoners default on loans"

[Asia Economy Reporter Ryu Jeong-min] Park Kyung-mi, the spokesperson for the Blue House, explained on the 20th that President Moon Jae-in's request for ‘support for credit recovery for borrowers who have diligently repaid despite delinquency’ was a measure born out of regret over the many ordinary citizens experiencing loan delinquencies due to the prolonged COVID-19 pandemic.

[Image source=Yonhap News]

Spokesperson Park said, "While reviewing the performance of expanding microfinance supply to low-income and low-credit individuals, it was out of regret for the many ordinary citizens who inevitably face loan delinquencies due to the prolonged COVID-19 situation, and with the intention of exploring ways to help those people that this measure was proposed."

Earlier, President Moon instructed at a staff meeting that "a plan should be prepared to support credit recovery for those who have incurred delinquencies due to difficulties caused by COVID-19 but have repaid diligently."

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