Thai household debt deeper than ever

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buksida
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Re: Thais deeper in debt due to govt policies

Post by buksida » Fri Sep 04, 2015 7:10 am

Average household debt this year the highest in ten years
Thai households have an average debt of 248,004 baht each this year which represents an increase of 13.16 percent of last year’s average of a 219,158 baht which is the highest in ten years, according to a poll result of the University of Thai Chamber of Commerce.

Mr Thanawat Pholvichai, director of the economic and business forecast centre of the UTCC, said Thursday that the poll result came from an opinion survey of 1,200 households during August 20-28.

Of the average household debt of 248,004 baht this year, 48.7 percent are organized debt and the rest are unorganized debt, said Mr Thanawat, pointing out that the increased household debt reflected the economic slowdown in the past three years which has affected household revenues.

He explained that the fact that households were indebted to unorganized lenders more than to organized lenders because they had limited access to organized source of funding.

The causes of increased household debts range from lower incomes, increased cost of living, poor farm harvests, increased spending through credit cards to increased tuition fees of their children, gambling and excessive spending on hire purchases.

The survey shows that 87.8 percent of the debtors have problem of debt servicing; average household debt repayment amounts to 14,033 baht per month, representing an increase of 5.06 percent from last year’s 10,752 baht.

http://englishnews.thaipbs.or.th/averag ... -ten-years
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Re: Thais deeper in debt due to govt policies

Post by buksida » Mon Jun 26, 2017 9:06 pm

Thai household loan rate third highest in Asia
The household debt ratio in Thailand was the third largest in Asia in the third quarter of 2016, according a Bank of Thailand unit.

The Puey Ungphakorn Institute for Economic Research found Thailand’s household debt was at 71.2% of gross domestic product while the ratio was 123% in Australia and 91.6% in South Korea.

Sommarat Chantarat, head of the financial system section, and Atchana Lamsam, head of networking and communications at the institute, revealed the findings on Monday.

One-third of all 69 million Thais borrowed from formal lenders -- banks and financial institutions. The average per-capita debt was 150,000 baht, excluding educational loans, cooperatives loans and non-formal loans.

The number of debtors has also risen steadily since 2009 in line with per-capita household debt.

Importantly, Thais became indebted at a young age and half of new workers were indebted, the study found.

Those of the retirement age of 60-80 also found their debts did not decrease.

Most of the debts are personal loans (17%), cars and credit cards (9%) and home loans (4%).

http://www.bangkokpost.com/business/fin ... st-in-asia
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Re: Thai household debt deeper than ever

Post by bannsupaporn » Mon Jun 26, 2017 10:32 pm

"Live and Let Live" just be here now, Have a nice day.

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Re: Thai household debt deeper than ever

Post by Spitfire » Tue Jun 27, 2017 6:49 pm

Let them make it worse and 'screw the pooch', then the baht will plummet and stop being over-valued so the Chinese-Thais will no longer be able to tell the BoT to manipulate the currency so they can invest overseas.
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