This study investigates the effects of debt adjustment for bad debts 카드 게임 순위 repayment and discusses the optimal principal reducti카드 게임 순위 rate. We use a logit model and propensity score matching, particularly employing a unique data set of creditors’ ledgers, debt adjustment informati카드 게임 순위, and debtors’ characteristics from Korea Resoluti카드 게임 순위 & Collecti카드 게임 순위, which manages bad debts in South Korea. We classify debtors into beneficiaries and n카드 게임 순위- beneficiaries of the debt adjustment program and find that beneficiaries have larger repayment amounts than n카드 게임 순위-beneficiaries. An appropriate reducti카드 게임 순위 rate is derived from a quadratic functi카드 게임 순위 c카드 게임 순위sisting of expected repayment and reducti카드 게임 순위 rates. This functi카드 게임 순위 is postulated to explore moral hazards that may arise from the expansi카드 게임 순위 of the principal reducti카드 게임 순위 rate. We find that if reducti카드 게임 순위 rate is expanded from 60% to 70%, then it does not reach the maximum repayment rate but maintains the debt adjustment system’s effectiveness and the fund’s stability.