Vice Chairman Kwon Dae-young of the Financial Services Commission held a meeting with related authorities, experts, and microfinance support agencies on July 29 to have discussions on the current personal credit management and debtor protection system and ways to make improvements. While speaking about the importance of ensuring a social safety net for those turning incapable of servicing debts due to unexpected turn of events in life, Vice Chairman Kwon said that excessive debt collection attempts can not only stand in the way of debtors regaining a normal life but also can have adverse effects on the potential of debt collection itself. In Korea, the personal debt workout support system has been predominantly driven by the public sector thus far. However, Vice Chairman Kwon said that it is now time that private financial companies also step up efforts to actively provide their own debt workout and debtor assistance programs. After taking account various suggestions and policy ideas raised at today's meeting and examining overseas cases, authorities will draw up specific measures to bring about improvements to the current personal credit management and debtor protection system.