Thais are mired in debt: Poll

[webfact]

File photo for reference only

 

The latest survey by Suan Dusit pollsters conducted last week asked Thais about their level of debt. 

 

The poll revealed average debt of 1.2 million baht with 46% reporting credit card and personal debt arrears and nearly 40% behind on the rent, reported Manager. 

 

But 71% thought they could find a way out of debt.

 

This would be accomplished with belt tightening, personal discipline, planning, saving, and self-reliance. 

 

The above are traits not normally associated with the average Thai, notes ASEAN NOW. Those who know the country have often pointed to an attitude of "spend today and let tomorrow look after itself".

 

1,059 people were asked their opinions between 22nd and 25th November. 

 

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[fangless]

4 minutes ago, webfact said:

1,059 people were asked their opinions between 22nd and 25th November.

Where was the poll conducted?  I suggest it was in a major city as I do not believe these figures cover the average village Thai.

[Misterwhisper]

10 minutes ago, webfact said:

This would be accomplished with belt tightening, personal discipline, planning, saving, and self-reliance. 

 

The above are traits not normally associated with the average Thai, notes ASEAN NOW. Those who know the country have often pointed to an attitude of "spend today and let tomorrow look after itself".

Hear, hear!!!

Edited November 29, 2021 by Misterwhisper

[tomazbodner]

6 minutes ago, fangless said:

Where was the poll conducted?  I suggest it was in a major city as I do not believe these figures cover the average village Thai.

Obviously. How many villagers in the middle of nowhere, tending their rice field, have a credit card?

 

Their houses and farms however could still be in danger if their kids in big city default on payments...

[Mr Meeseeks]

17 minutes ago, webfact said:

This would be accomplished with belt tightening, personal discipline, planning, saving, and self-reliance. 

All traits that most Thais I know do not possess.

 

That is not to say I do not know Thais that are like this, my business partner and my ex-gf among them.

[StayinThailand2much]

37 minutes ago, webfact said:

The poll revealed average debt of 1.2 million baht with 46% reporting credit card and personal debt arrears and nearly 40% behind on the rent, reported Manager. 

 

But 71% thought they could find a way out of debt.

LOL. Are the banks prepared to write

off a good chunk of that debt?

Edited November 29, 2021 by StayinThailand2much

[ThailandRyan]

A poll was not needed, just stand outside a gold shop or pawnshop and watch as the ants march in with goods and out with money and still need to use the cash obtained to pay off other debts.  With Covid this has become a vicious cycle.

Edited November 29, 2021 by ThailandRyan

[mikebell]

Debt is not something that disturbs the average Thai.  Banks will always bail them out if you are a teacher or farmer.

[RafPinto]

Plan and save....

Since when they plan forward?

Living day by day.

[ThailandRyan]

2 minutes ago, RafPinto said:

Plan and save....

Since when they plan forward?

Living day by day.

One wonders how they pay for trips like a few I saw this weekend in Hua Hin were having. However, I saw a family of 8 around the pool swimming.  When the pool services man handing out towels and checking the registry got to them they gathered their belongings and headed back out onto the beach....modern day sneak thieves....lol.  This same group came up from the beach and managed to get in line at the buffet as well......you can not make this up.

[StayinThailand2much]

12 minutes ago, mikebell said:

Debt is not something that disturbs the average Thai.  Banks will always bail them out if you are a teacher or farmer.

And if not, the government will.

[Cake Monster]

53 minutes ago, webfact said:

But 71% thought they could find a way out of debt.

 

This would be accomplished with belt tightening, personal discipline, planning, saving, and self-reliance. 

The same 71 % of dreamers should have implemented these things before borrowing easy Money that needs repaying.

[RafPinto]

4 minutes ago, ThailandRyan said:

One wonders how they pay for trips like a few I saw this weekend in Hua Hin were having. However, I saw a family of 8 around the pool swimming.  When the pool services man handing out towels and checking the registry got to them they gathered their belongings and headed back out onto the beach....modern day sneak thieves....lol.  This same group came up from the beach and managed to get in line at the buffet as well......you can not make this up.

5555

 

They also wanted the feeling of a 5* adventure next to farang.

You should have invited them for a nice evening dinner.

[RafPinto]

Just now, RafPinto said:

5555

 

They also wanted the feeling of a 5* adventure next to farang.

You should have invited them for a nice evening dinner.

And the GM wondering why there were 120 peole at the buffet bar as they had only 2 rooms booked????

[tonray]

1 minute ago, RafPinto said:

They also wanted the feeling of a 5* adventure next to farang.

Anytime I see a farang in my adventure...it downgrades automatically to 3 star or less

[ThailandRyan]

Just now, RafPinto said:

And the GM wondering why there were 120 peole at the buffet bar as they had only 2 rooms booked????

The Hotel actually was full on Saturday night and into Sunday afternoon. This morning the parking lot went from full to 20 cars. Wonder what highway 4 looked like heading to BKK as well as 35.

[RafPinto]

1 minute ago, ThailandRyan said:

The Hotel actually was full on Saturday night and into Sunday afternoon. This morning the parking lot went from full to 20 cars. Wonder what highway 4 looked like heading to BKK as well as 35.

I ususally take my helicopter down to HH and book the whole upper floor.
Don't want to mix with the "would like to be Hi-So".

[daveAustin]

11 minutes ago, ThailandRyan said:

One wonders how they pay for trips like a few I saw this weekend in Hua Hin were having. However, I saw a family of 8 around the pool swimming.  When the pool services man handing out towels and checking the registry got to them they gathered their belongings and headed back out onto the beach....modern day sneak thieves....lol.  This same group came up from the beach and managed to get in line at the buffet as well......you can not make this up.

Good one and I don’t doubt it. But the funniest thing is them managing to be around the pool and swimming at the same time lol. 

[RafPinto]

2 minutes ago, daveAustin said:

Good one and I don’t doubt it. But the funniest thing is them managing to be around the pool and swimming at the same time lol. 

I know them.
They came from Isaan and farang super star, the bread winner and village supporter  invited the whole family for a 5* get away.

They were wondering why they could only eat at hotel and use the pool but had to sleep in a tent????????

Edited November 29, 2021 by RafPinto

[bkk6060]

Most Thais have no education on personal financial management.

And, most have absolutely no savings and are clueless about investing.

But, many do have cars that they use 50% of their salary to pay for so in their minds, they have made it.

 

[RafPinto]

10 minutes ago, bkk6060 said:

Most Thais have no education on personal financial management.

And, most have absolutely no savings and are clueless about investing.

But, many do have cars that they use 50% of their salary to pay for so in their minds, they have made it.

 

I know already of few who play the Crypto market. Want to get rich over night.

One tells a thing, others follow. For this, so many fall for the "10% interest rate guaranteed" per month.

[thaibeachlovers]

Nothing unique to Thailand about excessive debt. IMO gonna be a lot of screaming in NZ once the mortgage interest rates go up due to inflation. People have been paying mad prices for houses, IMO.

Just the other day I was talking to a young fellow that was saying his education loan was too high to live on what he was earning. Lots of trouble ahead for a lot of people I reckon, especially those that grew up in low interest years.

However, for those of us that have savings in the bank it'll be nice to actually get a decent return on savings.

[FritsSikkink]

1 hour ago, tomazbodner said:

Obviously. How many villagers in the middle of nowhere, tending their rice field, have a credit card?

 

Their houses and farms however could still be in danger if their kids in big city default on payments...

How many villagers tending their rice field have a debt for equipment and other things?

[thaibeachlovers]

32 minutes ago, bkk6060 said:

Most Thais have no education on personal financial management.

And, most have absolutely no savings and are clueless about investing.

Hmmmm. I left school at 18 having had no education on personal financial management.

I also had no savings at age 35 and the only thing i know about investing is that I'll never do it. IMO investing is gambling for rich people and guys like me are how they get rich.

I'll never forget the colleague that lost everything in the crash in the 1980s crying. Before that she was always telling us how rich she was getting.

[tomazbodner]

9 minutes ago, FritsSikkink said:

How many villagers tending their rice field have a debt for equipment and other things?

Probably many, but unlikely to have that paid by credit cards or being behind on rent.

[RafPinto]

Or a family takes out a loan from a loan shark without the rest of the family knowing about and off goes your house, farm etc.

[ezzra]

There have been many polls lately all of a sudden, to be honest, i put as much stock in those polls as i put in Thai politics in general, to be taken with a grain of salt...

[Orinoco]

12 minutes ago, RafPinto said:

Or a family takes out a loan from a loan shark without the rest of the family knowing about and off goes your house, farm etc.

This is very true now days.

They do stuff behind each others back in the families now.

and the end result can be very devastating to the rest of the family.

A very sad state of affairs for some.

 

[Gandtee]

1 hour ago, RafPinto said:

I ususally take my helicopter down to HH and book the whole upper floor.
Don't want to mix with the "would like to be Hi-So".

Do you take any female helpers  with you?

[RafPinto]

Just now, Gandtee said:

Do you take any female helpers  with you?

6