Bank of Thailand: Q1 credit card spending drops

[webfact]

BOT: Q1 credit card spending drops

BANGKOK, 12 May 2015, (NNT) - Credit card spending dropped considerably during the first quarter of this year, says the Bank of Thailand (BOT).

According to the BOT, credit card spending during the first quarter of this year was reported at 398.89 billion baht, decreasing by 45.33 billion baht,or 10 percent, from the 444.2 billion baht reported in the last quarter of 2014.

The bank attributed the fall to the nation's ailing economy and rising debts, which lead to consumers being more careful about their spending and refraining from spending on unnecessary items.

The BOT reported that Q1's local credit card spending was 326.36 billion baht, a 12.18 percent decrease from the previous quarter; spending abroad also dropped 6.44 percent.

In addition, card holders took out 47.46 billion baht in cash advance during the first quarter of this year, an increase of 1.75 billion baht or 3.83 percent, from the amount they did in the last quarter of 2014.

Despite the drop in credit card spending, the number of new credit cards issued by both commercial banks and non-bank institutes rose to 20.56 million, an increase of 253,991 from the previous quarter, said the BOT.


-- NNT 2015-05-12

[masquerade]

The bank attributed the fall to the nation's ailing economy and rising debts, which lead to consumers being more careful about their spending and refraining from spending on unnecessary items. BS, bottom line, if the cards are maxed no more spending.

[BSJ]

The bank attributed the fall to the nation's ailing economy and rising debts, which lead to consumers being more careful about their spending and refraining from spending on unnecessary items. BS, bottom line, if the cards are maxed no more spending.

That's how I am reading it to!

There is a solution.......

Start issuing more cards!

[Shiver]

20 million cards seems like an awful lot considering the total population (minus minors). Every farmer in the kingdom must have one.

[Prbkk]

Those are dramatic figures and had this decline happened in most other countries it would indicate an imminent recession.

[rubl]

20 million cards seems like an awful lot considering the total population (minus minors). Every farmer in the kingdom must have one.

Probably more than one. At least the rice farmers could get a government provided CC with an interesting credit line as long as they used in in the 'right' shops.

[Cake Monster]

Credit card spending down, and Government Pawn Shops recieving a liquidity injection from the Government to keep up with the demand for loans attributed to the start of the new school year smacks of desperate people who are in deep, deep, doo-doo.

The 20% interest / month loan sharks will be getting really fat off of all this.

[trogers]

20 million cards seems like an awful lot considering the total population (minus minors). Every farmer in the kingdom must have one.

Guess who issued credit cards to farmers and taxi drivers.

Securing financial prudence or election votes? See how much they cared for the well being of their electorate.