snoop1130 Posted October 22, 2019 Share Posted October 22, 2019 Household debts of Thais alarm economists By The Nation The ratio of household debt to GDP has risen by 78.8 per cent meaning that Thai citizens have combined debts of Bt13 trillion debts, the second-highest in Asia, according to a recent seminar on the subject of household debt and homeownership organized by the Real Estate Information Centre of Government Housing Bank (GHB). A massive 21 million are now in debt, with people under the age of 30 considered the most fragile group. Because of the money they owe, these millennials have less buying power and that is having a knock-on effect on the government's first-time house buyer project. The seminar made the point that adolescents and new graduates are finding themselves in debt much too early in their lives. A senior adviser to the National Economic and Social Development Council, Jinanggoon Rojananan said that even though household debt in the second quarter of 2019 dropped by 5.8 per cent from the first quarter, the situation is still risky. More than 50 per cent of debts are long-time real estate loans and another 30 per cent are made up of personal debts, credit card debts, and car loan debts. These are considered high risk because they are repayable in the short term and can easily turn into bad debts, which will affect requests for loans by first-time house buyers. People aged between 26-30 years old are most likely to get into debt as a result of unmanageable home loans. Sakkapop Panyanukul, a senior executive with the Bank of Thailand (BOT)'s Financial Stability Unit, noted that most Thais overspent and saved 15 per cent less money over the past five years resulting in less buying power while the director of the Finance Ministry’s Macroeconomic Analysis Division Pisit Puapan said he believed that the Thai economy would continue to slow as a result of lower investment. Consumers were encouraged to make financial plans and evaluate their needs before entering into more debt in the slowing economy. Source: https://www.nationthailand.com/business/30377647 -- © Copyright The Nation Thailand 2019-10-22 Follow Thaivisa on LINE for breaking Thailand news and visa info Link to comment Share on other sites More sharing options...
Cadbury Posted October 22, 2019 Share Posted October 22, 2019 3 minutes ago, snoop1130 said: Household debts of Thais alarm economists Household debt doesn't seem to worry fat cat politicians who are trying desperately to pump prime the flagging economy with stimulus packages which include easy access government bank loans to workers, farmers and small business. The message is clear.......borrow, borrow, borrow........spend, spend, spend! Link to comment Share on other sites More sharing options...
PatOngo Posted October 22, 2019 Share Posted October 22, 2019 1 hour ago, snoop1130 said: A massive 21 million are now in debt You mean the married ones don't have 400,000 baht in the bank and the retired ones don't have 800,000......oh well! Link to comment Share on other sites More sharing options...
PatOngo Posted October 22, 2019 Share Posted October 22, 2019 1 hour ago, snoop1130 said: More than 50 per cent of debts are long-time real estate loans and another 30 per cent are made up of personal debts, credit card debts, and car loan debts. Don't forget to set aside another 3000thb for your GPS! Link to comment Share on other sites More sharing options...
PatOngo Posted October 22, 2019 Share Posted October 22, 2019 1 hour ago, snoop1130 said: The seminar made the point that adolescents and new graduates are finding themselves in debt much too early in their lives. But my new iPhone 11 is SOOOO cool! Link to comment Share on other sites More sharing options...
marko kok prong Posted October 22, 2019 Share Posted October 22, 2019 Reckon i may buy a heap of some of this debt,then if i see movement i will go short,did the same 2008/9 gotta tell i done okay know the market though boys can lose it all if you <deleted> up. Link to comment Share on other sites More sharing options...
Isaanbiker Posted October 22, 2019 Share Posted October 22, 2019 Another hub of aeeh..this time not a positive one. Link to comment Share on other sites More sharing options...
Isaanbiker Posted October 22, 2019 Share Posted October 22, 2019 38 minutes ago, PatOngo said: But my new iPhone 11 is SOOOO cool! I've got two IPhones 11 from my son, I'd sell for a special price. Even when most Windows programs don't work with them, you've got a rotten apple on it. Go for it. Only Iphone holders are cool. Link to comment Share on other sites More sharing options...
Isaanbiker Posted October 22, 2019 Share Posted October 22, 2019 52 minutes ago, PatOngo said: Don't forget to set aside another 3000thb for your GPS! Promotion for only 4,999 baht. Iphones are cool, man. Sell selling them with a <deleted>_y battery that's part of the phone, then claim that the customers need to buy a newer version of these phones. And tell everybody that these phones are so special. I love Iphones to death because they never work with any other app other than crappy ones from APPLE. Link to comment Share on other sites More sharing options...
PatOngo Posted October 22, 2019 Share Posted October 22, 2019 2 hours ago, snoop1130 said: Household debts of Thais alarm economists 1 hour ago, marko kok prong said: Reckon i may buy a heap of some of this debt,then if i see movement i will go short,did the same 2008/9 gotta tell i done okay know the market though boys can lose it all if you <deleted> up. How many households do you reckon you'll buy? Link to comment Share on other sites More sharing options...
PatOngo Posted October 22, 2019 Share Posted October 22, 2019 4 minutes ago, Isaanbiker said: I've got two IPhones 11 from my son, I'd sell for a special price. I'm not cool enough, I got a Samsung! Link to comment Share on other sites More sharing options...
nickstav Posted October 22, 2019 Share Posted October 22, 2019 Maybe it would be prudent of the banks or private lenders to actually check on the buyers ability to repay what they will owe beforehand, which might save the poor consumer from getting into a situation that is drowning them. Not that I for a moment think that banks or private lenders have a heart, but bad debts are bad business for them too. Link to comment Share on other sites More sharing options...
overherebc Posted October 22, 2019 Share Posted October 22, 2019 29 minutes ago, PatOngo said: I'm not cool enough, I got a Samsung! Mine, this one I'm using, must be 8 or 9 years old and I can still make phone calls. ???????????????????? and post on here. ???????? Link to comment Share on other sites More sharing options...
PatOngo Posted October 22, 2019 Share Posted October 22, 2019 11 minutes ago, nickstav said: which might save the poor consumer from getting into a situation that is drowning them. BUT! I mut to hab dit, I mut to hab dat, mut to be cool! Link to comment Share on other sites More sharing options...
Matzzon Posted October 22, 2019 Share Posted October 22, 2019 And the bubble grow bigger and bigger and bigger.........pooooof! Link to comment Share on other sites More sharing options...
1happykamper Posted October 22, 2019 Share Posted October 22, 2019 The seemingly ease if credit here is astounding! So many ladies paying 10k for a car to the bank each month and 20k for a house!... Non of them earn more than 20k a month!Creative financing is necessary 555 Sent from my CLT-L09 using Tapatalk Link to comment Share on other sites More sharing options...
Tayaout Posted October 22, 2019 Share Posted October 22, 2019 1 hour ago, nickstav said: Maybe it would be prudent of the banks or private lenders to actually check on the buyers ability to repay what they will owe beforehand, which might save the poor consumer from getting into a situation that is drowning them. Not that I for a moment think that banks or private lenders have a heart, but bad debts are bad business for them too. 2008 teached us that there is no such thing as bad debt. They get repackaged together as safe "investment" for those who have savings. Link to comment Share on other sites More sharing options...
rkidlad Posted October 22, 2019 Share Posted October 22, 2019 3 hours ago, PatOngo said: But my new iPhone 11 is SOOOO cool! Was at a my local central last Saturday. Seemed as if every man and his dog was queuing outside a phone shop or carrying a small bag which was a symbol they’d just bought one. Link to comment Share on other sites More sharing options...
gk10002000 Posted October 22, 2019 Share Posted October 22, 2019 5 hours ago, snoop1130 said: The ratio of household debt to GDP has risen by 78.8 per cent Poor and ambiguous statement in the opening sentences. Risen from what? Risen from when? Link to comment Share on other sites More sharing options...
kevin612 Posted October 22, 2019 Share Posted October 22, 2019 What happen if the Thai economy collapsed again? The last time was in 1997, it’s been a long time. Link to comment Share on other sites More sharing options...
tabarin Posted October 22, 2019 Share Posted October 22, 2019 32 minutes ago, kevin612 said: What happen if the Thai economy collapsed again? The last time was in 1997, it’s been a long time. Worldwide basically.. It looks very ugly, knowing of protests globally today, I would not say a civil world war is impossible. I guess they are trying to buy time and find a magical solution in every country, else it collapsed already. What concerns me more, if that happens, I do not expect Thais or gov. to be nicer for us hehe. Might not be that safe here. Link to comment Share on other sites More sharing options...
Chazar Posted October 22, 2019 Share Posted October 22, 2019 2 hours ago, rkidlad said: Was at a my local central last Saturday. Seemed as if every man and his dog was queuing outside a phone shop or carrying a small bag which was a symbol they’d just bought one. Did they get the matching white pointy hat with a big "D" on also? Link to comment Share on other sites More sharing options...
DrTuner Posted October 22, 2019 Share Posted October 22, 2019 5 hours ago, marko kok prong said: Reckon i may buy a heap of some of this debt,then if i see movement i will go short,did the same 2008/9 gotta tell i done okay know the market though boys can lose it all if you <deleted> up. And where would you buy such instruments that would let you make a covered short? Interesting idea. Link to comment Share on other sites More sharing options...
Fex Bluse Posted October 22, 2019 Share Posted October 22, 2019 7 hours ago, kevin612 said: What happen if the Thai economy collapsed again? The last time was in 1997, it’s been a long time. All the Thai-Chinese families who, on average, are far more financially responsible, will have a next round of buying up distressed property and businesses. It's one of the reasons they own almost everything now. And, the wealth gap will continue to deepen. Link to comment Share on other sites More sharing options...
mikebell Posted October 22, 2019 Share Posted October 22, 2019 12 hours ago, snoop1130 said: Household debts of Thais alarm economists The debtors are not alarmed; the mindset here is live now; don't pay later. Link to comment Share on other sites More sharing options...
Hayduke Posted October 23, 2019 Share Posted October 23, 2019 14 hours ago, snoop1130 said: Household debts of Thais alarm economists Link to comment Share on other sites More sharing options...
Assurancetourix Posted October 23, 2019 Share Posted October 23, 2019 12 hours ago, Matzzon said: And the bubble grow bigger and bigger and bigger.........pooooof! A bubble ready to explode; it is the Thai banks that hold almost 100% of these debts; But it's their fault; to accept that a civil servant who earns 15,000 baht a month can put credits on his back up to sometimes 80% of his salary is suicidal; not only for the consumer but especially for the bank. If the consumer can no longer repay, for whatever reason, it is the banks that will end up with these more than doubtful debts. If they are not strong enough they will collapse like a castle of cards; 1997 bis repetitae worse, a thousand times worse. Link to comment Share on other sites More sharing options...
soalbundy Posted October 23, 2019 Share Posted October 23, 2019 12 hours ago, PatOngo said: I'm not cool enough, I got a Samsung! I have a mobile that you can use to telephone people Link to comment Share on other sites More sharing options...
PatOngo Posted October 23, 2019 Share Posted October 23, 2019 2 minutes ago, soalbundy said: I have a mobile that you can use to telephone people Cool! Link to comment Share on other sites More sharing options...
soalbundy Posted October 23, 2019 Share Posted October 23, 2019 16 minutes ago, Assurancetourix said: A bubble ready to explode; it is the Thai banks that hold almost 100% of these debts; But it's their fault; to accept that a civil servant who earns 15,000 baht a month can put credits on his back up to sometimes 80% of his salary is suicidal; not only for the consumer but especially for the bank. If the consumer can no longer repay, for whatever reason, it is the banks that will end up with these more than doubtful debts. If they are not strong enough they will collapse like a castle of cards; 1997 bis repetitae worse, a thousand times worse. but think of the assets they can seize, most Thais have some paddy back 'home' in the villages Link to comment Share on other sites More sharing options...
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