# BOT to review Minimum credit card debt Payment rate

- Link: https://www.thailand-business-news.com/banking/154959-bot-to-review-minimum-credit-card-debt-payment-rate
- Published: 2024-08-13T11:06:00+07:00
- Author: NNT

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The Bank of Thailand is contemplating a reduction in the minimum payment rate for
credit card debt from 8% to 5% to alleviate the financial strain on consumers.

 * The Bank of Thailand is considering reducing the minimum payment rate for credit
   card debt from 8% to 5% to alleviate the financial burden on consumers during
   challenging times.
 * Rising household debt in Thailand, driven by sluggish economic recovery and slow
   income growth, is raising concerns about potential long-term impacts on the economy,
   including the risk of increasing non-performing loans.
 * The decision is being finalized urgently, with assurances that sufficient time
   will be given to financial institutions to adjust their systems for effective
   repayment management.

This comes amid rising household debt in Thailand, attributed to a slow economic
recovery and slow income growth. The change is being discussed urgently, and measures
will be taken to ensure financial institutions can adjust effectively. Concerns 
have been raised about the potential long-term impacts on the economy, including
the risk of increasing non-performing loans

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**Source** : [BOT Discusses Adjusting Credit Card Minimum Payment](https://thainews.prd.go.th/nbtworld/news/view/466456/?bid=1&rand=154948)