Breaking News English

Many people around the world have a lot of [debit / debt] . They owe a lot of money. They are using credit [cards / card] more and more. People are taking out [loans / loan] to help them buy food. More young people are [borrowed / borrowing] lots of money and have huge student loans. One country is doing [something / anything] to help people with debt. South Korea is going to write-off the debts of as [much / many] as 1.6 million people. The government wants to help people [on / by] low incomes who have money problems. It has a [scheme / scam] called the National Happiness Fund. It wants to help people to make a [freshly / fresh] start in life, without money worries. South Koreans who are struggling to pay [back / front] debts of less than $9,000 could get help.

The National Happiness Fund started [in / at] 2013 to help the poorest people in Korea with their debts. The scheme was a big promise of a [farmer / former] South Korean president. He wanted to reduce [grow / growing] inequality in the country. Household debt is a big [tissue / issue] in South Korea. The Happiness Fund will [helpful / help] with this. However, there is still a big problem with middle and higher-income [workings / workers] . These people have [most / mist] of the debt in South Korea. The Korea Times newspaper said the government is, "preventing [numbers / numerous] working families from going bankrupt under a [mountain / iceberg] of debt". It said the government needed to act soon because there could be a big debt crisis [coming / come] .