Thailand's Household Debt issues did indeed start way before Covid.
The occurrence of Covid did not cause a massive spike in borrowing
However, the Junta in charge did
They openly allowed the Financial Institutions to lend money that had a very high risk of default,
This was a policy that enabled the Economy to function without tanking.
Covid has long since finished, but the excuse is being used to cover the sheer incompetence of the previous Government.
The most scary part of all the Money borrowed is the fact that 80 % of it has been lent with little or no security upon it, unlike many other Countries that have high Household Debt that is secured against the likes of Property