snoop1130 Posted May 7, 2019 Share Posted May 7, 2019 High Thai household debt a major problem for economy - central bank chief FILE PHOTO: ThailandÕs Central Bank Governor Veerathai Santiprabhob poses during an interview with Reuters at the Bank of Thailand headquarters in Bangkok, Thailand, April 1, 2019. REUTERS/Athit Perawongmetha BANGKOK (Reuters) - Thailand's high household debt remains a major problem for its economy, the central bank governor said on Tuesday. Banks should focus on borrowers' debt servicing, rather than collateral, Veerathai Santiprabhob told reporters after signing a memorandum of understanding with banks on a "debt clinic" programme aimed at tackling household debt problems. Comparing to countries with similar incomes, Thailand's debt-to-gross domestic product ratio is the highest, he said. The level was 78.6 percent at the end of 2018, central bank data showed. High debt has been a factor thwarting interest rate cuts. The central bank is expected to hold the key rate unchanged on Wednesday. -- © Copyright Reuters 2019-05-07 Follow Thaivisa on LINE for breaking Thailand news and visa info Link to comment Share on other sites More sharing options...
Popular Post DrTuner Posted May 7, 2019 Popular Post Share Posted May 7, 2019 I know! Bundle the non-performing loans into packages and sell them forward! Worked like a charm in the US .. 7 1 1 8 Link to comment Share on other sites More sharing options...
Popular Post RotBenz8888 Posted May 7, 2019 Popular Post Share Posted May 7, 2019 45 minutes ago, snoop1130 said: Thailand's high household debt remains a major problem for its economy Just look around you and watch the absurd consuming mania, there's doubt this has gone far beyond what is sustainable. 9 4 Link to comment Share on other sites More sharing options...
Popular Post AtoZ Posted May 7, 2019 Popular Post Share Posted May 7, 2019 No wonder when 25 square metre shoebox can cost 6 million nowadays. And car cost 50-300% more than the same model in the west. And 90% of all house appliances are Chinese <deleted> that will break in a year. 14 Link to comment Share on other sites More sharing options...
edgarfriendly Posted May 7, 2019 Share Posted May 7, 2019 whats the forecast? timeframe? 1 Link to comment Share on other sites More sharing options...
Popular Post sharktooth Posted May 7, 2019 Popular Post Share Posted May 7, 2019 You only need to go on the road and see every somchai driving a huge pick up and know they are debt up to their armpits. 13 1 Link to comment Share on other sites More sharing options...
Popular Post Justgrazing Posted May 7, 2019 Popular Post Share Posted May 7, 2019 (edited) 1 hour ago, snoop1130 said: Veerathai Santiprabhob told reporters after signing a memorandum of understanding with banks on a "debt clinic" programme aimed at tackling household debt problems. And if that don't work there's always Can't pay ? We'll take it away .. That'd be top TV watching incandescent Somchai's Vigo's getting hauled off the mud drive onto the back of a repo' truck before disappearing down the road to the off limits compound .. Edited May 7, 2019 by Justgrazing Sp 1 2 Link to comment Share on other sites More sharing options...
Popular Post Orton Rd Posted May 7, 2019 Popular Post Share Posted May 7, 2019 Not surprising considering wage rates and the enormous wealth disparity between the very few ultra rich and the many poor. 6 Link to comment Share on other sites More sharing options...
Popular Post PatOngo Posted May 7, 2019 Popular Post Share Posted May 7, 2019 31 minutes ago, edgarfriendly said: whats the forecast? timeframe? Forecast; Serious continued flooding in the spending department ; Serious drought in the repayment department. Timeframe: Forever! 7 Link to comment Share on other sites More sharing options...
Popular Post djayz Posted May 7, 2019 Popular Post Share Posted May 7, 2019 41 minutes ago, RotBenz8888 said: Just look around you and watch the absurd consuming mania, there's doubt this has gone far beyond what is sustainable. We had to learn our lesson the hard way, now it's their turn. ???? 4 Link to comment Share on other sites More sharing options...
Popular Post djayz Posted May 7, 2019 Popular Post Share Posted May 7, 2019 42 minutes ago, AtoZ said: No wonder when 25 square metre shoebox can cost 6 million nowadays. And car cost 50-300% more than the same model in the west. And 90% of all house appliances are Chinese <deleted> that will break in a year. Show me a Chinese product that actually lasts a year. 2 1 2 Link to comment Share on other sites More sharing options...
Popular Post PatOngo Posted May 7, 2019 Popular Post Share Posted May 7, 2019 1 minute ago, djayz said: Show me a Chinese product that actually lasts a year. That doesn't bode well for the much needed Chinese submarines we have waited so long for. 1 5 Link to comment Share on other sites More sharing options...
Popular Post cmsally Posted May 7, 2019 Popular Post Share Posted May 7, 2019 9 minutes ago, djayz said: Show me a Chinese product that actually lasts a year. One that's kept in the cupboard and not used! 1 3 Link to comment Share on other sites More sharing options...
fisherd3 Posted May 7, 2019 Share Posted May 7, 2019 Loan Sharks mercilessly mopping up peoples lives. 1 Link to comment Share on other sites More sharing options...
Popular Post Cadbury Posted May 7, 2019 Popular Post Share Posted May 7, 2019 2 hours ago, snoop1130 said: Thailand's high household debt remains a major problem for its economy, Household debt is not a problem for the unbelievably filthy rich 1% of the population who own 67% of the country's wealth. It is the other 99% who seem to have this problem they speak about. 10 Link to comment Share on other sites More sharing options...
Popular Post DrTuner Posted May 7, 2019 Popular Post Share Posted May 7, 2019 2 minutes ago, Father Fintan Stack said: Don't tempt fate, I was hoping that when I get made a Thai citiizen in four years' time I would have the honour and privilege of visiting the rusty barnacle magnets rotting alongside the HTMS Chakri Naruebet in Sattahip. Don't spoil this old man's dream. Somebody in Spain where it was built apparently had had dealings with the Thais when they painted this little nugget on the boat: Maibpenrai ???????????????? 3 Link to comment Share on other sites More sharing options...
Youlike Posted May 7, 2019 Share Posted May 7, 2019 1 hour ago, AtoZ said: And car cost 50-300% more than the same model in the west. Even lay-z-boy recliners cost double in Thailand compared to the West, and they are made here! 1 1 Link to comment Share on other sites More sharing options...
PatOngo Posted May 7, 2019 Share Posted May 7, 2019 32 minutes ago, Father Fintan Stack said: Don't tempt fate, I was hoping that when I get made a Thai citiizen in four years' time I would have the honour and privilege of visiting the rusty barnacle magnets rotting alongside the HTMS Chakri Naruebet in Sattahip. Don't spoil this old man's dream. Don't panic, it's open every Children's Day. Link to comment Share on other sites More sharing options...
baansgr Posted May 7, 2019 Share Posted May 7, 2019 How many people you see/know where they work and can guess what their salary is, yet blinged up with two baht gold riding a 300k motorbike, either thieves or in debt 1 Link to comment Share on other sites More sharing options...
Brickbat Posted May 8, 2019 Share Posted May 8, 2019 Consumption has gone crazy . It’s the monthly payment, not the full price , the interest rate or the ability to service debt. Which is way beyond average Thai ability to grasp. Goaded by ads and keep up with the ...err.....ChinnaLookaWhatMeHave (Jones). its a worldwide problem as greedy lenders just lend and Boy! Have we got a Big Dump coming! Cash Will Be King! Link to comment Share on other sites More sharing options...
wreckingcountry Posted May 8, 2019 Share Posted May 8, 2019 And when the bubble or explosion bursts be prepared ! If farang think Thais are not so friendly now.. . May have a weak baht but will that compensate for the massive change in behaviour of the population !Sent from my iPhone using Thaivisa Connect 1 Link to comment Share on other sites More sharing options...
Searat7 Posted May 8, 2019 Share Posted May 8, 2019 Banks are largely responsible for extending too much credit to Thai workers. They have a credit bureau too so really no good excuse. Personal bankruptcy is not an option for most Thais so banks take the debtors to court and then attach their pay if no repayment plan can be worked out. Link to comment Share on other sites More sharing options...
Sonhia Posted May 8, 2019 Share Posted May 8, 2019 Not just Thai citizens, world wide! Are these so called politicians bankers etc... intouch will the real world?! They put the masses in this mess with their own greed and self importance... It does not take a banker to point out the fact that individuals are in debt. Link to comment Share on other sites More sharing options...
rott Posted May 8, 2019 Share Posted May 8, 2019 Of course. 2 Link to comment Share on other sites More sharing options...
metisdead Posted May 8, 2019 Share Posted May 8, 2019 Some off topic posts have been removed. Link to comment Share on other sites More sharing options...
Jimbo2014 Posted May 8, 2019 Share Posted May 8, 2019 Its a national crisis but no one will do anything. There is too much money to be made from Debt, particularly those with fingers in the bank pie. Link to comment Share on other sites More sharing options...
Chrisswe Posted May 8, 2019 Share Posted May 8, 2019 (edited) 15 hours ago, RotBenz8888 said: Just look around you and watch the absurd consuming mania, there's doubt this has gone far beyond what is sustainable. Yes sure you need som income to spend and borrow. I think EFFEKTIVE working time avarage is roughly 1 hour 15 min/day, than including the amont of hollydays / year (as the only country in the world) than the outcome will only go one way.......!!?? Than the deep sikness of PROUDNESS AND JEALOUSNESS the root cause of this problem.. Edited May 8, 2019 by Chrisswe 1 Link to comment Share on other sites More sharing options...
hotchilli Posted May 8, 2019 Share Posted May 8, 2019 16 hours ago, snoop1130 said: Thailand's high household debt remains a major problem for its economy, the central bank governor said on Tuesday. Coming from a bank governor that's a rich statement to make... they charge for every single service including an annual charge for your debit card, in my home country cards are free.. that must add up to millions for them. Then they make a pile on your invested savings & charge you interest on your debt, almost encouraging you to borrow more. 1 Link to comment Share on other sites More sharing options...
Bangkok Barry Posted May 8, 2019 Share Posted May 8, 2019 15 hours ago, AtoZ said: No wonder when 25 square metre shoebox can cost 6 million nowadays. And car cost 50-300% more than the same model in the west. And 90% of all house appliances are Chinese <deleted> that will break in a year. I was speaking to a Chinese colleague quite recently and, ever the diplomat, I asked him why Chinese goods were such crap. He was surprised, and said that back home he had experienced no such low quality and breakages as I described. Which means either he was lying, or that they export their cheap crap to countries like Thailand where price means everything and quality means nothing, and keep the decent stuff for themselves and/or export their quality goods to countries that are willing to pay for that quality. Link to comment Share on other sites More sharing options...
Ctkong Posted May 8, 2019 Share Posted May 8, 2019 15 hours ago, djayz said: Show me a Chinese product that actually lasts a year. Apple ? Link to comment Share on other sites More sharing options...
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