Vice Chairman Kim Soyoung of the Financial Services Commission presided over a meeting with officials from related organizations and industry groups on April 9 to discuss the progress of implementing the Personal Credit Management and Debtor Protection Act. This law provides strengthened protections for individual debtors throughout the entire process of personal debt management. Between October 17, 2024 when the law became effective until March 14, 2025, the number of debt workout applications filed with financial companies stood at 56,005, and among them, 44,900 cases have entered into debt workout programs. To actively promote the use of personal debt management services made available by financial sectors, Vice Chairman Kim said that is it crucial to maintain close communication and cooperation between the financial authorities and the financial industry. Meanwhile, the six-month grace period granted for implementing this law will be lifted according to initially set schedule on April 16, 2025.