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Most Thais are burdened by huge credit card bills, research shows

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Most Thais are burdened by huge credit card bills, research shows

A recent survey shows that most Thai households are heavily indebted on credit cards and personal loans, averaging 1.24 million baht per household. Officials appear to have the highest credit card debt, averaging up to 1 million baht per person.

The Suan Dusit survey, conducted from November 22 to 25, included 1,059 respondents. It found that 46.52 per cent of respondents owed money to credit cards and had personal loans, while 39.85 per cent had a mortgage to pay.

Furthermore, officials were found to owe an average of 1 million baht per person on credit cards, while private-sector workers owed about 500,000 baht per person. However, the latter group appeared to be most concerned about their ability to repay.

Of the respondents, 71.11 per cent believed they could pay off all their debts, while 38.15 per cent expressed concerns.

To solve their debt problems, 80.88 per cent admitted to being disciplined, planning their budgets and putting some money aside, while 61.85 per cent said the government should restructure debt and cut interest rates.

Q Meanwhile, 89.23 per cent said they can pay their own debts, although 46.33 per cent expect help from friends and family.

“Dragmatic financial discipline must be practised to reduce debt. Additional revenue can be generated with the help of technology and online media, which can also help reduce operating costs. Debtors can also ask their bank for debt restructuring, while the government should give citizens access to low-interest financing,” suggested Suan Dusit Poll.

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