Jeonse fraud debt restructuring affects nearly 4,000 victims, mostly youth

Data released by Representative Park Seong-hun reveals that nearly 3,900 victims of jeonse (rental deposit) fraud have utilized special debt restructuring programs provided by the Korea Housing Finance Corporation (HF) between June 2023 and July 2024.

A significant finding is that 89.2% of these victims are in their 20s and 30s, with those in their 30s accounting for 51.9% and those in their 20s for 37.3%. The total debt involved in these restructuring cases amounts to approximately 394.2 billion won, with an average debt of about 100 million won per person.

Geographically, the impact is concentrated in the Seoul metropolitan area, which accounts for 58.8% of all users. Seoul recorded 952 cases, followed by Gyeonggi with 673 and Incheon with 668. Other notable regions include Daejeon and Busan.

While the HF has provided financial support exceeding 1 trillion won through various guarantees and interest reductions, Representative Park emphasized that current measures, such as allowing 20-year installment payments, may only be temporary fixes. He called for more substantial debt relief and comprehensive recovery measures to help young people regain economic stability.