A debt relief initiative proposed by President Park Geun-hye called the National Happiness Fund began receiving applications from debtors on Monday.

Deliberation and approval of the requests will take place after the applications are received. As soon as an application is filed, applicants will be freed from the collection of bonds and the torment of loan sharks.

The National Happiness Fund will receive preliminary debt restructuring requests through this coming Tuesday. The main application period will be from May first to October 31st.

Those wishing to apply can do so at nationwide booths set up by the Korea Asset Management Corporation or financial support centers situated at city halls and provincial government offices.

Applicants can also visit Kookmin Bank, Nonghyup Bank, or the Credit Counseling and Recovery Service. Online applications are also accepted at the Happiness Fund Web site.

People applying with the fund can have their debt exempted by ten percentage points more than those who wait around until the fund buys up their debt in bulk.

Related phone calls are pouring in and the happiness fund appears to be a hit from the very beginning.

The fund was a campaign pledge by President Park Geun-hye. The aim is to exempt a portion of one's debt to enable a new start in life for working class citizens.

The strategy is to serve the multiple purpose of both stabilizing and boosting the economy through expanded welfare for the socially vulnerable, and by addressing the household debt concern which is viewed as a ticking bomb to the Korean economy.

Eligible applicants are those who took out credit loans less than 100 million won and have missed their payments for over six months as of the end of February. Their debt will be reduced by a maximum 50 percent, and the rest can be paid off over a course of up to ten years.

The happiness fund has signed business agreements with 99 percent of all financial institutions in the country. Those eligible to benefit from the debt exemption is estimated at 326-thousand people over the next five years.

The fund is a beacon of hope for numerous debt ridden Koreans and is expected to alleviate the household debt issue.