The number of self-employed individuals who received debt adjustments from the Credit Counseling and Recovery Service (CCRS) due to failure to repay debts on time has surged 2.6-fold over three years. This is attributed to the prolonged impact of high inflation, high interest rates, and sluggish domestic demand, which has rapidly worsened the repayment capacity of self-employed individuals relying on debt.
According to data submitted by the Credit Counseling and Recovery Service (CCRS) to Democratic Party of Korea lawmaker Min Byung-deok on October 1, the number of self-employed individuals with confirmed debt adjustments increased from 9,594 people in 2022 to 24,916 people in 2025, a rise of 15,322 people (159.7%). In the first half of this year alone, 12,155 people received debt adjustments. The figures exclude corporate entities.
The proportion of self-employed individuals among all confirmed debt adjustment cases rose from 7.9% in 2022 to 13.2% in 2025, an increase of 5.3 percentage points. For the first half of this year, the figure stood at 12.5%.
This trend is analyzed as the lingering burden of loans accumulated since the COVID-19 pandemic, compounded by high inflation, high interest rates, and domestic economic stagnation, has hindered the recovery of self-employed individuals’ debt repayment capabilities.
The total number of confirmed debt adjustment cases, including both self-employed and non-self-employed individuals, has also steadily increased: from 121,095 people in 2022 to 167,370 people in 2023, 174,841 people in 2024, and 189,062 people in 2025.
By age group, the increase was most pronounced among those aged 60 and older. This demographic saw confirmed debt adjustment cases rise from 16,313 people in 2022 to 30,337 people in 2025, an increase of 14,024 people (86.0%), the highest growth rate among all age groups.
Individuals in their 50s followed, with cases increasing from 27,734 people to 44,727 people (61.3%). This was followed by those in their 30s (50.4% increase: 27,592 people → 41,489 people), 40s (50.0% increase: 34,106 people → 51,161 people), and those aged 20 or younger (39.1% increase: 15,350 people → 21,348 people).
Lawmaker Min Byung-deok stated, “The CCRS should strengthen its role in helping self-employed individuals rebuild their lives not only through debt adjustments but also via credit counseling, consulting for small business owners, microfinance, and complex support.”
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