Household debt reaches an all-time high, with nearly all Thais in debt

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Kingdom household debt reached a record high. According to a survey by the University of the Thai Chamber of Commerce’s Centre for Economic and Business Forecasting, over 100% of Thais have household debt, up 3.7% from previous year. One person owed 12,801 baht each month, while 65.9% of those polled skipped a debt payment because to Covid-19, the economic crisis, and inconsistent income and expenses. In a recovering economy, costs may exceed revenue. Cars, houses, and appliances have installment payments. Middle-class households are expected to buy assets and have debt, according to the center. If the Thai economy recovers and tourism rises, family debt will improve.
The highest average debt in the survey’s 16-year history was 501,711 baht. According to the research, rising costs led most Thais into debt. The survey participants advised the government offer low-interest loans, teach spending and debt management, and organize training to build working abilities for part-time work. Most personal debts were credit card-related. People borrowed money to buy automobiles and homes and to support their enterprises. Due to rising costs, two Thai companies will provide money to employees. The Centre for Economic and Business Forecasting said most household debt is formal. This demonstrated Thais could get credit. Siam Commercial Bank will provide personnel 4,000 baht on September 1, and Dhipaya Life Assurance will give 2,000 baht a month for five months until the end of the year. This year’s Thai household debt study found that nearly everyone had debt.