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Labourers still in heavy debts


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Labourers still in heavy debts

 

labour1.jpg

 

About 96% of Thai labours are in debt, with an average debt amounting to almost 140,000 baht for a household, according to the University of the Thai Chamber of Commerce’s survey released ahead of the Labour Day on May 1.

 

The UTCC’s Center for Economic and Business Forecasting conducted a survey on debt problem on about 1,200 labourers with monthly earnings of less than 15,000 baht.

 

The survey, released on Thursday (April 26), found the highest recorded debt incursion in 10 years since 2009.

 

Full story: http://englishnews.thaipbs.or.th/labourers-still-heavy-debts/

 

 
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-- © Copyright Thai PBS 2018-04-28
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7 minutes ago, RichardColeman said:

And I seem to remember a story on here last week about the banks lending even more money to them. Madness

No worse than the pay-day loans in UK charging 2400%, aimed at the poorest families. Can you imagine that over here?

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3 hours ago, DrTuner said:

Economic slavery. Oldest trick in the book.

 

Works best if the masses are uneducated. Thailand is doing an amazing job on that front.

Honestly, i don't know many people, and i don't go out much either, but this trend is disturbing.

i don't think any country in the West are experiencing something similar.

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Just now, mauGR1 said:

Honestly, i don't know many people, and i don't go out much either, but this trend is disturbing.

i don't think any country in the West are experiencing something similar.

Practically all of them are. It's a redivision of money, nothing new, check out what the Rothchilds did. 

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1 minute ago, DrTuner said:

Practically all of them are. It's a redivision of money, nothing new, check out what the Rothchilds did. 

I am not rich, but i have not 1 Baht debt with anyone, none of my Western friends have debts, and they would think thrice before making any debt.

I am aware that the poor is becoming poorer all over the world, still being poor and in debt, are 2 diseases !

 

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11 minutes ago, shady86 said:

Many businesses will not survive if people here live without debts. Car sales will be down, shopping complexes will close, and restaurants will be empty.
 

Yes. And when the bubble breaks, it's 2008 again and all of what you mentioned happens. The word is "unsustainable".

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20 minutes ago, mommysboy said:

I'm sure it is true that many are living beyond their means, however, it is also true to say that you can only live on so little!

methinks our gracious hosts are focusing a bit too much on appearance

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43 minutes ago, mauGR1 said:

2008 ? Perhaps you mean 1997 ?

Both. 08 was reference to West, 97 is more relevant to Thailand. 08 was however the latest where consumer debt balloon burst. Still feeling the after effects.

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How do people earning 15,000/mth. get approval for 150,000 credit? 

It was tge same/similar to the west in the late 1990s and early 2000s... neck deep in debt - and look what happened there! 

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2 hours ago, shady86 said:

Many businesses will not survive if people here live without debts. Car sales will be down, shopping complexes will close, and restaurants will be empty.
 

Both in Thailand and elsewhere: Buying more and more things we don't need with more and more money we don't have. God help us all.

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