Bank of Thailand addresses household debt issue. CardX commits to responsible lending, plans campaigns to ease consumer burden and increase credit card spending.
Bank of Thailand’s Concerns
The Bank of Thailand has recognized household debt as an ongoing structural issue, despite a drop in the household debt to GDP ratio. The BOT’s main priority is to promote responsible credit management and financial discipline among borrowers.
CardX’s Commitment to Responsible Lending
CardX, a financial institution, has pledged to adhere to these guidelines and make responsible lending a top priority. They aim to integrate financial literacy and encourage financial discipline into their sales process, advertising, and customer consultation services. With over 115.5 billion baht in loans as of December 31, 2023, CardX intends to focus on consumer relief campaigns in 2024 and anticipates a 15% rise in credit card spending.
Future Plans for CardX
In the coming year, CardX will concentrate on increasing liquidity for consumers, while striving for enhanced performance and an expanded debtor portfolio. Moreover, the company will prioritize technology development and data analysis to improve the consumer experience.
Source : CardX Adopts BOT Policy to Promote Responsible Lending and Alleviate Burden
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