webfact Posted December 4, 2023 Share Posted December 4, 2023 Thailand’s household debt has increased by 3.6%, compared to the first quarter, to about 16.07 trillion baht in the second quarter of this year, representing 90.7% of GDP, according to the National Economic and Social Development Board. The board said that credits of all kinds increased in the second quarter, mostly from real estate purchases and personal consumption. Household debt poses a major challenge for all governments and, despite their efforts to address the problem, it tends to increase, resulting in about 370 billion baht in non-performing loans during the COVID-19 pandemic in the second quarter of this year, a 22% increase from the previous quarter and requiring debt refinancing. Full story: Thai PBS 2023-12-04 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Get our Daily Newsletter - Click HERE to subscribe 1 Link to comment Share on other sites More sharing options...
nausea Posted December 4, 2023 Share Posted December 4, 2023 It's high, relatively speaking, but I wonder how much of that has to do with property mortgages; the UK has a similarly high level, but we're mortgage obsessed. 1 Link to comment Share on other sites More sharing options...
Mike Lister Posted December 4, 2023 Share Posted December 4, 2023 1Q23 growth was 2.6%, 3Q23 growth was 1.3%, of course the debt ratio increased but not all of that increase was down to new loans. 1 Link to comment Share on other sites More sharing options...
VinnieK Posted December 4, 2023 Share Posted December 4, 2023 Thais love affair with debt. Must be the serf/slave mentality I owe, therefore I am.. 1 1 Link to comment Share on other sites More sharing options...
Popular Post Will B Good Posted December 4, 2023 Popular Post Share Posted December 4, 2023 The crash is coming. 1 1 1 1 Link to comment Share on other sites More sharing options...
hotchilli Posted December 4, 2023 Share Posted December 4, 2023 2 hours ago, webfact said: The board said that credits of all kinds increased in the second quarter, mostly from real estate purchases and personal consumption The problem is educating people about finances. I want, I want, I want is all I hear now. Instead of, what can I afford. 1 Link to comment Share on other sites More sharing options...
StayinThailand2much Posted December 4, 2023 Share Posted December 4, 2023 (edited) 3 hours ago, VinnieK said: Thais love affair with debt. Must be the serf/slave mentality I owe, therefore I am.. True. And it has little to do with the pandemic. I wouldn't be surprised if even this official debt were to increase to almost 17 trillion baht till the end of next year. Edited December 4, 2023 by StayinThailand2much Link to comment Share on other sites More sharing options...
StayinThailand2much Posted December 4, 2023 Share Posted December 4, 2023 3 hours ago, Will B Good said: The crash is coming. With households having so much debt, the question is not 'if', but 'when'. Sooner or later the banks will have to take ownership of a large number of properties and cars, or, alternatively, get into financial trouble themselves. 1 1 Link to comment Share on other sites More sharing options...
Cake Monster Posted December 4, 2023 Share Posted December 4, 2023 4 hours ago, webfact said: Thailand’s household debt has increased by 3.6%, compared to the first quarter, to about 16.07 trillion baht in the second quarter of this year, representing 90.7% of GDP, according to the National Economic and Social Development Board. Household Debt has been quoted at 90.7 % of GDP for Months now How is it possible to have a massive 3.6 % rise and still remain the same proportion of GDP 1 Link to comment Share on other sites More sharing options...
Mike Lister Posted December 4, 2023 Share Posted December 4, 2023 14 minutes ago, Cake Monster said: Household Debt has been quoted at 90.7 % of GDP for Months now How is it possible to have a massive 3.6 % rise and still remain the same proportion of GDP Because, as said, earlier, GDP has fallen from 2.6% in 1Q23, to 1.6% in 3Q23 whereas lending has increased. Link to comment Share on other sites More sharing options...
Jumbo1968 Posted December 4, 2023 Share Posted December 4, 2023 Never seen so many large SUVs and high end motors round Pattaya, some one must be paying decent salaries. Link to comment Share on other sites More sharing options...
Gottfrid Posted December 4, 2023 Share Posted December 4, 2023 9 hours ago, Will B Good said: The crash is coming. You are soo right! 1 Link to comment Share on other sites More sharing options...
still kicking Posted December 4, 2023 Share Posted December 4, 2023 3 hours ago, Jumbo1968 said: Never seen so many large SUVs and high end motors round Pattaya, some one must be paying decent salaries. I am a pensioner and live in the west my car is 27 years old, can't afford to buy a new car outright, the bank won't even give me a credit card. Spend all my money on 2 houses so I got to drive the old one till it packs up. Link to comment Share on other sites More sharing options...
StayinThailand2much Posted December 4, 2023 Share Posted December 4, 2023 7 hours ago, Jumbo1968 said: Never seen so many large SUVs and high end motors round Pattaya, some one must be paying decent salaries. In Bangkok, near where I live, there is an abandoned property, where bums live in tin shacks... They recently bought a few new motorbikes, and the other day an expensive new car was parked there right in front. - I'm not poor, but while there is no bank in Thailand that would even lend me 1 satang, on the other hand, such bums will probably be offered loans left and right. TiT! 1 Link to comment Share on other sites More sharing options...
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