Thailand’s informal debt hits 10-year low
BANGKOK, 13th October 2017 (NNT) - A study has found that Thailand’s informal debt has hit the lowest level in 10 years, thanks to the government’s efforts to solve the problem.
President of the University of the Thai Chamber of Commerce, Associate Professor Sauwanee Thairungroj, said on Thursday that a survey of the debt situation among Thai households in 2017 has found that 91 percent of the respondents still have a debt burden — most of which was incurred in general spending.
The study also found the second cause of household debt was the purchase of assets, such as vehicles and houses.
Associate Professor Sauwanee added that Thai households currently have average debt of 299,266 baht, up 0.4 percent from last year — the lowest rate of increase in 10 years.
She added that 26.4 percent of the outstanding debt came from informal borrowing and this indicated the smallest proportion in 10 years as well.
Associate Professor Sauwanee expects the number of informal debtors will fall drastically as a result of the government’s efforts to solve the problem and the people’s heightened spending awareness.
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