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Thailand faces serious household debt crisis

Thailand’s household debt crisis has left many people bearing debt beyond their capacity, with 284,000 pickup trucks at risk of repossession, said the National Credit Bureau (NCB).

NCB President Surapon Opassathien (Photo: Nation
NCB President Surapon Opassathien (Photo: Nation

Bangkok (VNA) – Thailand’s household debt crisis has left many people bearing debt beyond their capacity, with 284,000 pickup trucks at risk of repossession, said the National Credit Bureau (NCB).

While household debt has fallen to 16.3 trillion THB (478 billion USD), or 89.6% of GDP, the overall credit debt problem for Thais has worsened, according to NCB President Surapon Opassathien.

Total credit debt currently amounts to 13.6 trillion THB, covering financial, non-banking institutions, nano-finance, and provincial-level microfinance (PICO) across around 158 institutions.

According to the NCB, the rate of bad debt surged from just over 7% in the first quarter of 2023 to 8.8% by the third quarter of 2024. The figure is forecast to rise to 200 billion THB to 1.4 trillion THB next year.

Surapon noted that the Government and financial institutions have launched the You Fight, We Help programme to help citizens avoid deeper debt. This initiative aims to improve debt quality and assist those at risk of default./.

VNA
#household debt crisis #National Credit Bureau #pickup trucks #NCB President Surapon Opassathien Thailand
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