Credit cards fail to win over Thai farmers

[bigbamboo]

It would seem the farmers aren't quite as dumb as the government would like to think.

They also prefer cash.

[Neilly]

It would seem the farmers aren't quite as dumb as the government would like to think.

They also prefer cash.

If I was dealing with this government I'd be the same...and I'd check every note they gave me!

[rubl]

"Some farmers complained about high prices, but other shops might have lowered their prices to compete with the project, he said."

'might have lowered prices'? Are we still talking about Thailand here?

[PoorSucker]

Why were they given green shirts?

They don't look happy.

[CIHUAHUA]

“Gold is the money of kings; silver is the money of gentlemen; barter is the money of peasants; debt is the money of slaves” - Norm Franz

[mikemac]

And if you vote for us we promise every grade 1 child will have their own credit card..............................................

[bangon04]

Launched two years ago, the farmers' credit-card scheme has proved to be anything but a success. As of June, only about Bt10 billion of credit was outstanding

dam_n those pesky farmers, how we ever gonne get hold of their last piece of land if we can't get them deep enough in debt.

Quite right. It seems the master plan is an agricultural revolution, changing from subsistence strip farming to industrial super farms. Much more efficient of course, and there will still be some jobs for the serfs when all the land has been collectivised.

It is obviously in the country's best interests for the land to be owned by a few rich families who know how to maximise the assets.

Bit like Europe in the 18th century......

[steveG]

Speechless at this inane scheme......obviously designed to enable the wealthy to aquire more poor farmers lands....

I agree with this comment very much. How sensible the farmers are to not put themselves in debt. A good price for the products of their labour would be more appropriate rather than introducing and promoting a scheme which they don't fully understand.

[lee b]

Banks are the biggest mafia in the world, if you ask me all credit cards are bad ( unless you pay 100% back every time )

[Trouble]

Okay so 99% of the comments here are negative, nothing new. Whether or not there is an ulterior motive in this scheme could be debated forever. I think that looking on the good side of a project that is not yet working at 100%, is that it allows farmers in a tight spot some credit. Heaven knows that credit card debt in the USA is too high and at 22% interest many are in up to their necks in debt. We also know that Thais who generally live for today are probably not the most educated on the subject of credit card debt. That being said most people here should also be aware that many loans made to the poor are made by loan sharks. If you don't know what they charge you should. 10% per month is not unusual and for that you put up your land, your water buffalo, house as collateral. Don't pay and your are in real trouble. So with that being said a credit system that it allows farmers to borrow at 7% per year rather than from a loan shark is not necessarily a bad thing. It's controlled, seems be be at least at the moment for things needed to get a crop in and farming. I sincerely hope they don't go further in what items can't be bought on credit as suggested in the OP. Hopefully this system will evolve into something good. Give it a chance. At least the OP lays out the problems with the system from farmers point of view. Give it a chance to work rather than believing that this is some plot by the rich to get richer or to get the land away from the farmers. I am happy that the farmers are looking at this program and figuring out what is best for their interests and not just getting in debt for no reason. It sure beats a loan shark.

Edited July 15, 2013 by Trouble