Pictures courtesy of The Thaiger

 

Financial experts are urging Thai citizens to conduct annual credit checks and adopt smarter financial habits as household debt continues to rise. With liabilities now at about 90% of GDP, concerns are mounting over the long-term risks facing households and the wider economy. Experts say regular credit monitoring and better money management are essential to avoid debt spirals and fraud.

 

The National Credit Bureau (NCB) has called on individuals to review their credit reports each year to monitor debt levels and detect any unauthorised borrowing. Tharit Sriarunotai, senior executive vice-president of the NCB, compared the process to a health check-up, noting that early detection can prevent bigger financial problems. He made the remarks during a Bangkok Post panel discussion on 27 September at craftstudio, CentralWorld, as part of the Next Gen Finance forum.

 

Tharit highlighted that credit information is easily accessible through NCB service centres, participating banks, mobile banking applications and the government’s Tang Rat app, which offers the service free of charge. He also recommended debt restructuring as a key tool for those struggling with repayments, particularly consolidating high-interest credit card and personal loans into single facilities.

 

Interest rates in Thailand remain capped at 18% for credit cards and 25% for personal loans, while housing loans range between 6.65% and 7.05%. Several debt relief programmes are available, including the You Fight, We Help initiative, the Debt Clinic and Debt Doctor services. Tharit encouraged borrowers to focus on repayment rather than taking on new debt, although banks may provide additional liquidity in select cases.

 

Banks are meanwhile tightening their lending standards, frequently rejecting loan applications from borrowers who fail to meet repayment or eligibility requirements. “The decision lies with the banks, not the NCB,” Tharit stressed.

 

At the same forum, Wiroj Tangcharoen, president of the Thai Financial Planners Association (TFPA), described debt as a “chain that holds people back.” He urged Thais to build emergency savings, plan for retirement, and diversify investments across stocks, bonds, and gold. Wiroj emphasised that financial planning should be treated as designing one’s life rather than following short-term trends.

 

 

Key Takeaways

 

• Thai household debt now stands at around 90% of GDP, raising concerns over financial stability.

• Experts urge annual credit checks, debt restructuring and disciplined repayment habits.

• Financial planning, savings, and diversified investments are seen as vital for long-term security.

 

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  Adapted by Asean Now from TheThaiger 2025-09-28

 

 

 

 

 

 

 

 

From what I see in Thai culture, no only do Thai over-extend themselves with debt, but bank continue to issue those Thais who are over-extended more debt.

If the Thai government really wanted to do something about the problem, they would provide banks with guidance backed by law that prohibits banks for providing debt to Thai citizens who are over-extended with debt.  

1 hour ago, Georgealbert said:

Interest rates in Thailand remain capped at 18% for credit cards and 25% for personal loans

This is criminal.

16 hours ago, FlorC said:

This is criminal.

 

 

16 hours ago, FlorC said:

Interest rates in Thailand remain capped at 18% for credit cards and 25% for personal loans

 

Banks are legal criminals.

Do something about the amount of finance thais can get then !

They seem to give out loans to people for cars etc that the person would have to pay 10k of their 12k monthly wage towards for almost a decade. Then there are finance companies that charge high rates and a lot to renew the contract every year . Pretty sure these companies are owned by people in charge of the country.

Then don't forget thais love of the latest phone every few months 🙈

21 hours ago, Georgealbert said:

Financial experts are urging Thai citizens to conduct annual credit checks and adopt smarter financial habits as household debt continues to rise.

That may apply to the super rich, see how much interest they have accrued over the year.

As for the peasants they check their finances daily.

Educate them and then give them a fair chance.🤔 God jobs aren't just for family and mentality of nepotism.

If three top financial experts recommend checking yopur borrowing annually, then there is no hope. As @hotchilli said, most do so o a daily basis now.

Somchai in his padi field is asking how he can check his credit. Step by step instructions please.

On 9/28/2025 at 10:59 AM, connda said:

From what I see in Thai culture, no only do Thai over-extend themselves with debt, but bank continue to issue those Thais who are over-extended more debt.

If the Thai government really wanted to do something about the problem, they would provide banks with guidance backed by law that prohibits banks for providing debt to Thai citizens who are over-extended with debt.  

Oh look, we have even more debt than last year.

The trouble is that most Thai's have the attitude of live for today and tomorrow will take care of itself.