The real source of the problem is people who don’t know how to manage their money. Is it really that difficult to understand that you can’t possibly pay off several loans taken out at an interest of 150% if you’ve already run your business into the ground? Besides, these loans don’t all go out to keep the business running. They are often used to continue living beyond their means. I know for a fact that you can’t get a loan from any money lender if you don’t have considerable amount of collateral, such as a valuable car(where did you think the used car lots get all those new luxury sedans and SUVs? They were repossessed by loan companies) or a large apartment. Want to save the business? Sell your brand new Santa Fe and replace it with a Tico and put your apartment for sale in order to rent a smaller one. It’s that simple.

Judging from this mess and the Joongang article, it needs more than the national tax service to put an end to this. I wonder if someone will find the backbone to do the right thing (?).