Rolling Jubilee, a nonprofit organization, said on the 20th that it has opened a financial welfare counseling center serving Daegu and North Gyeongsang Province. Anyone struggling with debt can receive free help applying for debt restructuring and counseling that links them to welfare services.
The center opened a day earlier in Daegu's Dalseo district, according to financial industry sources. It was established with support from the Credit Card Social Contribution Foundation.
The center offers free financial counseling, assistance in applying for debt restructuring and personal rehabilitation or bankruptcy, and referrals to welfare programs for residents facing high-interest loans, illegal private lending, illegal debt collection, voice phishing or unpaid monthly rent and utility bills.
For vulnerable households at risk of eviction after falling three months or more behind on payments, the center also plans to provide housing cost support and to pursue debt settlements through negotiations with creditors. Beyond loan delinquencies at financial firms, it will review income and spending levels along with housing and living conditions to connect households in crisis with needed services before problems worsen.
"Even households with no loan arrears may already be in financial distress if they are falling behind on rent or utility bills," said Seo Jung-dae, head of the center. "We will provide counseling before the situation turns into a livelihood crisis and connect people to debt restructuring and welfare services so they can maintain stable lives."