# Government Pledges to Address Household Debt Crisis

- Link: https://www.thailand-business-news.com/banking/176418-government-pledges-to-address-household-debt-crisis
- Published: 2024-11-26T08:35:00+07:00
- Author: NNT

The government has reaffirmed its dedication to tackling household debt, focusing
on easing the financial pressures of home loans, car loans, and SME loans. The Ministry
of Finance and the Bank of Thailand are working together to develop targeted solutions
that provide financial relief while maintaining fiscal discipline.

## Key Takeways

 * The government emphasizes its dedication to relieving household debt, particularly
   regarding home, car, and SME loans. Collaborative efforts by the Ministry of 
   Finance and the Bank of Thailand aim to devise solutions that offer financial
   relief while maintaining fiscal responsibility.
 * Prime Minister Paetongtarn Shinawatra and the Economic Stimulus Policy Committee
   have launched the “Economic Stimulus Program for Senior Citizens,” designed to
   reduce living costs for those over 60, boost domestic spending, and spur economic
   growth.
 * In its second phase, the 10,000 baht digital wallet program will target four 
   million seniors with incomes below 70,000 baht and bank balances under 500,000
   baht. With a budget of 40 billion baht, distributions will occur via PromptPay
   by January 2025, with inclusive registration options for those without smartphones,
   and broader program implementation planned for mid-2025.

Prime Minister Paetongtarn Shinawatra, along with the Economic Stimulus Policy Committee,
has endorsed the “Economic Stimulus Program for Senior Citizens.” This initiative
aims to lower living costs and enhance the quality of life for individuals aged 
60 and above. The program is also anticipated to stimulate domestic spending, infuse
funds into the economy, and support broader economic growth.

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The Finance Ministry recently announced that a second phase of the 10,000 baht digital
wallet program will benefit approximately four million seniors. With a total budget
of 40 billion baht, payments will be distributed via PromptPay linked to national
ID numbers by January 2025. Eligibility is limited to seniors with annual incomes
below 70,000 baht and bank account balances under 500,000 baht. Recipients must 
register through the “Thang Rath” application and must not have participated in 
earlier phases of the program or other recent welfare initiatives.

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To ensure inclusivity, the government plans to provide alternative registration 
methods for seniors without smartphones. Broader implementation for other demographic
groups is slated for mid-2025, following system readiness and security assessments.

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