National Happiness Fund rescued more debtors than initially predicted

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192 thousand people have applied for the debt restructuring program since the launch of the National Happiness Fund on March 29, 2013 and the loans of 35 thousand applicants were converted into low interest ones.

Such figure outstands the initially predicted number of people that the National Happiness Fund would reach.

Initially, it was predicted that the National Happiness Fund would aid 326 thousand debtors during five years since the launch. However, the government has already provided financial support to 180 thousand debtors during the first 6 months which accounts for 55.4% of the early prediction.

Such phenomenon is highly unlikely to bring about problems related to moral hazard since the majority of the beneficiaries are low income workers who have been suffering from long overdue.

The government will pursue to restructure loans from the Korea Student Aid Foundation and Sunshine Loan which have not yet been bought in by the National Happiness Fund.

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