Survey shows informal debt still haunts Thai low income earners

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Survey shows informal debt still haunts Thai low income earners



BANGKOK: -- The University of the Thai Chamber of Commerce (UTCC) conducted an opinion survey of Thai people towards various economic issues, and found debt problem remains their most concern.

UTCC President Ms Saowanee Thairungroj said the survey results showed the problems Thai people found most were debts, followed by expensive prices of goods, falling prices of agricultural products, uncertainty of employment and insufficient income.

According to the survey, household debts in October increased 29.6%, from 22.8% in July.

50.4% of the debts were informal loans. This reflected an increase in loan shark business, and the government was urged to tackle loan sharks who often resort to violent means in demanding repayments.

In terms of the general economic situation, the survey showed that most, or 38.1%, of the respondents considered the situation unchanged compared to last year while 34.2% thought it was better.

As for the government’s economic stimulus package, 37.7% showed moderate confidence in the program while 26.2% were a little confident.

They also agreed with the government’s financial assistance for farmers and infrastructural investment. By contrast, they disagreed with the increase in LPG price and the prohibition of off-season rice planting this year.

But it expected the economy to rebound in the second quarter of 2015 but suggested the government find sustainable solutions to the decrease in agricultural prices, maintain sufficient public incomes, provide fair treatment to labour and ensure equal educational opportunities.

Source: http://englishnews.thaipbs.or.th/survey-shows-informal-debt-still-haunts-thai-low-income-earners/


-- Thai PBS 2014-10-17

[clockman]

Digging them selves a bigger hole!

[NongKhaiKid]

The government is urged to tackle loan sharks, would that include sitting down and negotiating with them as reported in another thread rather than curbing their activities ? of course the attraction is they will lend when other sources will not.

I've only known a couple of people here who got themselves into serious debt problems including with loan sharks and simply put they didn't give a moment's thought what they were getting into, how they would manage re-payments or the potential consequences of non-payment etc.

I'm no financial wizard as my bank account will bear witness to but I do try to be careful however from all I've seen read and heard it seems so many Thais need to be saved from themselves and that's an impossible task.

[chainarong]

The proof is in the pudding if the current crowd needs to be reminded , those nasty money lenders are still handing out over the top loans with you can't resist interest , one wounders why they borrow , but then when you are in a corner with no where to go you will take anything, the majority of Thai's financial lot is not a happy one.

[jonclark]

The problem is on the whole very simple once you move away from Bangkok and sadly very obvious.

The majority of the population are employed in very poorly paid jobs, that simply are being outstripped by the rapid pace of inflation.

For me the classic and most user friendly example of this is the native speaking agency hire EAL teacher salary which has remained at the 30 - 35'000 baht a month range for the past 15 years. During that time basic commodities like petrol (95)and diesel i have gone from from 17 and 15 baht in 2000 to 37 and 30 baht respectively in 2012.

Now whilst a native speaking teacher salary maybe a lot for some people is does highlight the disparity between prices and salaries and on an even lower income the difficulties faced must be far more significant.

[JacChang]

Can we take these low incomes and ship them to an island somewhere? Really so sick of hearing them. INCOME - EXPENSES = BALANCE. Understand? They are like parasites, always causing trouble within the economic world, always requesting help, so out of control.

Not everyone is entitled to a motorcycle, a tv, to smoke, etc. Your eligibility is entirely dependent on the income. You think the rich is rich by birth, by fate? How about we rich guys start getting trillion dollar loans, WHICH WE CAN, and start buying countries.

Stick with your income and live within it. If you say life is hard, and income is low, please I'll gladly pay for your flight to Africa, and exchange anyone from there to be in your shoes. He/she will gladly take the low income, and gladly be happy to live within it, even if it means only food as the only expense as a luxury.

[mikiea]

kinda reminds me of obama phones the prez gave to low income households in 2011. they each had a $100 credit on them pre-signed with a illinois state provider. well that lasted less than one week & most of the phones were outta money. the prezes office looked into it & found that they were not out of money but were resold to flea market vendors for $50 cash..

[rubl]

Maybe not informal debt, but not only Thailand has its poor.

2014-10-17

"UP TO 2.5M DUTCH BELOW POVERTY LINE"

http://www.nltimes.nl/2014/10/17/2-5m-dutch-poverty-line/

Today, October 17th, is world poverty day.

Edited October 17, 2014 by rubl

[northernjohn]

It cost money to go from a family orientated culture to a material orientated culture.

Not that easy to change into a Western style of spending.

[rubl]

It cost money to go from a family orientated culture to a material orientated culture.

Not that easy to change into a Western style of spending.

Nonsense, utter nonsense!

It's easy to change into Western style of spending. Its the balancing act and proper, truthful accounting which needs some improvement

[Mudcrab]

Can we take these low incomes and ship them to an island somewhere? Really so sick of hearing them. INCOME - EXPENSES = BALANCE. Understand? They are like parasites, always causing trouble within the economic world, always requesting help, so out of control.

Not everyone is entitled to a motorcycle, a tv, to smoke, etc. Your eligibility is entirely dependent on the income. You think the rich is rich by birth, by fate? How about we rich guys start getting trillion dollar loans, WHICH WE CAN, and start buying countries.

Stick with your income and live within it. If you say life is hard, and income is low, please I'll gladly pay for your flight to Africa, and exchange anyone from there to be in your shoes. He/she will gladly take the low income, and gladly be happy to live within it, even if it means only food as the only expense as a luxury.

We already have...we shipped them to Thailand...and they still complain.

[Mudcrab]

Can we take these low incomes and ship them to an island somewhere? Really so sick of hearing them. INCOME - EXPENSES = BALANCE. Understand? They are like parasites, always causing trouble within the economic world, always requesting help, so out of control.

Not everyone is entitled to a motorcycle, a tv, to smoke, etc. Your eligibility is entirely dependent on the income. You think the rich is rich by birth, by fate? How about we rich guys start getting trillion dollar loans, WHICH WE CAN, and start buying countries.

Stick with your income and live within it. If you say life is hard, and income is low, please I'll gladly pay for your flight to Africa, and exchange anyone from there to be in your shoes. He/she will gladly take the low income, and gladly be happy to live within it, even if it means only food as the only expense as a luxury.

So how did you get rich if not by birth?

By using the poor to make a profit?

Please share your story of how you made your wealth without taking disadvantage of poor people, or using other people to make yor ortune.

Let me guess..you are from the sub continent?

[northernjohn]

It cost money to go from a family orientated culture to a material orientated culture.

Not that easy to change into a Western style of spending.

Nonsense, utter nonsense!

It's easy to change into Western style of spending. Its the balancing act and proper, truthful accounting which needs some improvement

I stand corrected you are right. It is easy to do it. Just hard to pay the money for it.

We must deal with what we have today. To late to go back but I seem to remember talk of the cost of living going up when they raised the minimum wages to 9,000 baht. I have a Thai friend who just got a 9,000 baht raise last month. Here we are half way through this month and they were asking me if I could loan them 1,500 baht. They are now making over 20,000 baht a month.

Maybe it would be a good idea for the government to set up schools to teach how to budget.

[bangon04]

Maybe it would be a good idea for the government to set up schools to teach how to budget.

there's a radical thought... basic arithmetic in school using a calculator with a purpose.

[halloween]

Maybe it would be a good idea for the government to set up schools to teach how to budget.

there's a radical thought... basic arithmetic in school using a calculator with a purpose.

Forget the calculator. I have raised 2 families and insisted all my children, step and otherwise, learn multiplication tables up to x12. I use a simple program which randomly selects squares on the table and gives a report on time taken and percentage correct. When they can complete the table correctly 3 times consecutively in a reasonable short time, they get a nice reward. Every one has taken the option to double the payout by going up to x15.

I bought 13 cans of Chang (all they had) in a country store, and the owner used a calculator and still got it wrong. Serious confusion when the 8yo little darling said 'Tham pit!' Lose face or lose money? Money won, of course.

[JacChang]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Quote

Quote

Can we take these low incomes and ship them to an island somewhere? Really so sick of hearing them. INCOME - EXPENSES = BALANCE. Understand? They are like parasites, always causing trouble within the economic world, always requesting help, so out of control.

Not everyone is entitled to a motorcycle, a tv, to smoke, etc. Your eligibility is entirely dependent on the income. You think the rich is rich by birth, by fate? How about we rich guys start getting trillion dollar loans, WHICH WE CAN, and start buying countries.

Stick with your income and live within it. If you say life is hard, and income is low, please I'll gladly pay for your flight to Africa, and exchange anyone from there to be in your shoes. He/she will gladly take the low income, and gladly be happy to live within it, even if it means only food as the only expense as a luxury.

So how did you get rich if not by birth?

By using the poor to make a profit?

Please share your story of how you made your wealth without taking disadvantage of poor people, or using other people to make yor ortune.

Let me guess..you are from the sub continent?

Easy. Income + Expenses = Your balance. There are two types of people in this world. One that increases their expenses *cough cough* like 99% of the people. One that increases their income. Wow. Who would have thought of that?! Guess we all failed math 101. Why didn't I think about that, increasing income. Sounds like the right thing to do. Would you do it? No. Why not? Yea excuses.

Next. There are two types of poor. The obvious one is only increase expenses. The other type if increase income BUT also increase expenses. Secretary lower staff drives a vios, gets promoted, drives a corolla. Tell me, does this promotion bring an increase in balance? It either stays flat or gets worse by greed.

The last type of person, the one that the 99% hate. Well you know who he/she is, smiling, enjoying life, freedom, money keeps rolling in, work? WHAT does that even exist? what a waste of time. Life's too short for work.

"By using the poor to make a profit?"

Careful with your words now. One decision by me, I can grant your wish and cause a lot of jobless people. If you don't like me hiring "the poor", I can grant you that. See how easily I clear your misconception now? I can, and I cannot use "the poor", completely up to me. I have chats with them, they seem to enjoy me "using them". They beg me not to "not use them".

"Please share your story of how you made your wealth without taking disadvantage of poor people"

No such thing, don't be a princess. Rich is evil, poor is good.

I live in a world different from you. Rich people are successful, happy, smile, make friends with people, down to earth, people around them like him/her too. Help people because they can. So yes, my path to rich, is pleasant. I simply increase income, buy assets, never had to abuse anyone (yet). If I do, I hire others to do the job.

Cheers.