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Thai households deeper in debt due to populist schemes

Thai households in the third quarter of this year are found have greater debts and less ability to service their debt, according to Office of the National Economic and Social Development Board NESDB.

Bahar Karaman

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Thai households in the third quarter of this year are found have greater debts and less ability to service their debt, according to Office of the National Economic and Social Development Board NESDB.

NESDB deputy secretary-general Suwannee Kamman cited statistics from the Bank of Thailand BoT that outstanding personal consumption loans totaled Bt2.74 trillion, up 20.4 per cent year-on-year and also consecutively higher than those in this year’s first and second quarters, partly as a result of household spending stimulated by the government’s ‘first car’ and ‘first home’ schemes.

BTS traffic from above

Thai people love big cars, but they don’t like taxes. Bangkok also have a notorious traffic and environmental problem.

Personal consumption loans for cars and motorcycles reached the highest figure of 33 per cent

while for other types of consumption at 30 per cent and for loans for buying homes at 10 per cent.

Ms Suwannee said the public’s ability to pay their debts decreased as seen by non-performing loans NPL from personal consumption loans which increased 25 per cent, or Bt56 million in value, or counting as 21 per cent of overall NPLs.

Meanwhile, outstanding personal debts whose holders failed to make payments for more than three months increased 37 per cent or Bt7.3 billion, while credit card loans with debts failing to be paid for more than three months grew 11 per cent.

Ms Suwannee concluded from these figures that Thai households’ spending behaviour is worrisome and should be monitored particularly among those low- and middle-income earners who tend to spend their money in response to social values and advertisements. MCOT online news

via Thais deeper in debt due to gov’t policies: NESDB | MCOT.net.

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