채무조정교섭업 제도 도입이 미치는 영향에 관한 논의

Abstract

This paper explores the consumer credit law’s basic direction, main task and effects or social costs after introduction of debt relief or adjustment negotiation business. Since 2019, to establish fair principles in the loan process between individual debtors and financial institutions a task force consists of experts from in and outside the related institution has been organized. As a result bill for the legislation of consumer credit law has been prepared and the bill will be submitted to the National Assembly in 2021. Exploring the effects of debt relief or adjustment negotiation business introduced for protecting debtors and activating private debt negotiation, the analysis showed that it will increase social costs contrary to the purpose of legislation which intended to decrease social costs. First with the introduction of the new system, operation costs and negotiation costs occur and indirect costs occur by possibilities of delay in negotiation process, increase in financial institutions’ debt management costs and default increase lead to increase in total social costs. Also moral hazard problems with decrease in incentive to repay, isolation of low credit debtors, weakened existing legislation and debt collection companies performance for debt adjustment negotiation lead to increase in social costs. Considering the effects, rather than newly establishing debt relief or adjustment negotiation business by legislation, reinforcement of consumer protection purpose with alleviating debt collection burden of the debtor and supporting revival is needed by improving existing private and public finance consumer protection systems.