Bad debt holders are victims of a poor welfare system and are not extravagant spenders as portrayed by the media, the Legal Aid Foundation said yesterday, urging the government to set up classes to educate debtors on their rights.
Foundation chairman Joseph Lin (林峰正) said that contrary to popular belief, the majority of credit card debtors are victims of an inefficient social welfare system.
"Poverty is the major reason why these people were driven into heavy debt, not wasteful spending or the blind pursuit of brand names," he said, accusing the media of painting a false image of debtors.
Legal Aid said most of the debtors were forced to run up their credit cards because of a lack of financial subsidies from the government during difficult periods, such as unemployment, a death or a major illness in the family.
Lin said even though the consumer debt clearance regulations (
Some banks are taking dramatic and even violent measures, such as threatening families and repossessing homes, Lin said.
Lin urged the government to conduct regular public hearings and offer financial management and legal rights programs to educate debtors.
Under the consumer debt clearance regulations, cardholders who have unsecured debts or non-preferential debts of less than NT$12 million (US$360,000) can go to court to negotiate a repayment plan, while those unable to pay back their debts can file for bankruptcy.
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