Word: creditably
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...search is on for the antidote. At a high-rise building in central Seoul, hundreds of debtors recently waited for interviews at a new government agency, the Credit Recovery Supporting Service, set up to help them reschedule their debt. So far 17,000 people have had their burden eased?a fraction of total defaulters. Meanwhile, in a dingy suburb across town, the agency holds 90-minute cash-management classes. The teacher, former banker Kim Seung Duck, loudly exhorts borrowers to embrace the habits of the rich by "loving money and saving." Under the white glare of fluorescent lights, middle-aged...
...Meanwhile, President Roh Moo Hyun's administration is pressuring lenders to improve their risk-assessment practices?and urging deadbeats to pay up. In mid-November, the Finance Ministry suggested that companies looking to hire new workers should deny employment to job seekers with a bad credit history. "People who don't pay should be punished," says Byeon Yang Ho, the ministry's director of financial policy...
...agency set up after the Asian financial crisis to dispose of bad corporate debt, recently assumed $5.48 billion in delinquent accounts from shaky card companies. KAMCO plans to write off up to 30% of the principal, extend the payment periods to a maximum of eight years and redeem the credit records of debtors. Some card companies have started their own debt-forgiveness programs; these have the unintended consequence of creating an incentive for borrowers to stall for a bailout rather than pay up. "Some debtors are telling our phone operators that they're not going to pay their debt," says...
...Indeed, debtors have set up websites to share tips on how to dodge payment, even how to get loans and new cards while deep in hock. Collecting bad debt is already a headache for lenders, because card debt is unsecured. Solomon Credit Information, a Seoul collection agency, says that only 0.5% of bills more than six months overdue are ever repaid and that recovery is costly in any case."If you lend $20,000 to someone, you can spend the same amount to get it back," says Brendan Carr, an American lawyer with Aurora Law Offices in Seoul...
...forgive his debt, he'll happily accept a bailout, he says. For now, he gets 30 calls a day from card companies demanding payment. Taking three calls in the course of an hour, he pretends to be someone else and takes a message. Whether you are a South Korean credit-card company, a corporate conglomerate or a citizen, sometimes the best strategy is to sit tight and wait for someone to ride to your rescue...