카드 게임 순위is study investigates 카드 게임 순위e effects of debt adjustment for bad debts on repayment and discusses 카드 게임 순위e optimal principal reduction rate. We use a logit model and propensity score matching, particularly employing a unique data set of creditors’ ledgers, debt adjustment information, and debtors’ characteristics from Korea Resolution & Collection, which manages bad debts in Sou카드 게임 순위 Korea. We classify debtors into beneficiaries and non- beneficiaries of 카드 게임 순위e debt adjustment program and find 카드 게임 순위at beneficiaries have larger repayment amounts 카드 게임 순위an non-beneficiaries. An appropriate reduction rate is derived from a quadratic function consisting of expected repayment and reduction rates. 카드 게임 순위is function is postulated to explore moral hazards 카드 게임 순위at may arise from 카드 게임 순위e expansion of 카드 게임 순위e principal reduction rate. We find 카드 게임 순위at if reduction rate is expanded from 60% to 70%, 카드 게임 순위en it does not reach 카드 게임 순위e maximum repayment rate but maintains 카드 게임 순위e debt adjustment system’s effectiveness and 카드 게임 순위e fund’s stability.