Thursday, June 20, 2024

Thailand’s household debt has increased due to the upsurge in personal and credit card loans

Thailand’s household debt is increasing due to personal and credit card loans.

Household debt in Thailand increased by 3.9% to a record high of over THB14.9tn ($492bn) in Q3 2022, driven by personal loans and credit card borrowing, according to the National Economic and Social Development Council. Personal borrowing rose 20% and credit card borrowing increased by 10% over the same period. Non-performance loans increased to 4.7 million, while total non-performance loans in the system now stand at THB400bn ($13.2bn), compared to THB200m ($6.6bn) in Q1. However, despite the increase in debt, household debt levels as a percentage of GDP fell from 88.1% in Q2 to 86.6% in Q3. Employment improved by 1.5%, or 39.2 million people, with concerns over slowing exports and high living costs remaining.

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