68 percent of Thais are in debt: Nida Poll and Credit Bureau

[webfact]

68 percent of Thais are in debt: Nida Poll and Credit Bureau

By Thai PBS

 

 

BANGKOK: -- Sixty-eight percent of Thais are in debt, averaging about 560,000 baht each, mostly from spendings on consumer products and services, according to an opinion survey jointly conducted by Nida Poll and Credit Bureau.

 

Nattha Vinijnaiyapak, director of Nida Poll, said on Monday (July 17) that the pollster surveyed the opinions of about 2,000 samples throughout the country who have incomes on the subject of savings behavior and debt situation of the people for the first half of the year.

 

The poll shows the following results:

 

45.15 % of the respondents have income as much as they spend.  Their average income amounts to 26,469.91 baht while their average spending amounts to 21,606.75 baht.

 

51.56 % have savings with 48.79 % of them have savings for emergency cases such as becoming sick or injured in an accident; 38.33 % have savings for future spending; 26.91 % have savings for their children’s education; and 12.58 % have savings to be spent after their retirement

 

Full story: http://englishnews.thaipbs.or.th/68-percent-thais-debt-nida-poll-credit-bureau/

 

-- © Copyright Thai PBS 2017-07-18

[esprit]

Of course they are. They are being bled dry by the very same people who have have raped this country for decades if not longer, to the detriment of millions,   Nothing new in the way the feudal system works.

Edited July 18, 2017 by esprit

[marko kok prong]

Well,that's not to bad on the savings front,compare that and the debt ratio's to the Uk,Thailand come's out okay.

[worgeordie]

The whole World seems to be up to their eyes in debt,with Governments

not been a good example,and everything thing seems to be done to help

those that are in debt,while people that are canny with their money,don't

spend more than they earn,and try and save a little are given the shit end

of the stick,with interest rates that don't even cover inflation.

 

regards Worgeordie

[YetAnother]

I wouldn't expect much Financial discipline here

[paahlman]

The worst is that the remaining % are having loans on the street to 10% a month interest. Thats not meassurable.....

[amvet]

2 minutes ago, paahlman said:

The worst is that the remaining % are having loans on the street to 10% a month interest. Thats not meassurable.....

Easy to measure.  Get a representative sample of a few thousand people and ask them.  Results will be accurate plus or minus a few percent.  That is how everything is now measured.  Do you think they still actually count stuff?  Me?  Phd econ.

[jonclark]

3 hours ago, marko kok prong said:

Well,that's not to bad on the savings front,compare that and the debt ratio's to the Uk,Thailand come's out okay.

 

Well there you go - as long as you kind find another country that has a greater debt ratio, Thailand must be okay??  So keep sticking your head in the sand and borrow more cause there are people worse off than us, so we can spend more money we haven't got and follow their example, right?

 

Both Thailand and the UK and tbh most of the developed and developing world are up to their necks in debt and none of it is okay. 

[yellowboat]

3 hours ago, YetAnother said:

I wouldn't expect much Financial discipline here

Having spent a long time in Asia, was shocked to hear most people do not save here.  Part of me thinks it is the live for the moment attitude here or they just do not have enough disposable income.  Disposable income comes with good opportunities which are not plentiful.  That is why the country relies on tourism so much. 

[metisdead]

Off topic posts have been removed. 

[faraday]

Totally agree with post #8. None of it is ok.

 

Always knew that the Freud family was nutz......

 

Btw, anyone seen the rates charged on 'pay day loans'?

 

10%.....? A mere stroll in the park for Thai people.

 

Fairly sure Line is getting into finance.

Edited July 18, 2017 by faraday

[Retiredandhappyhere]

4 hours ago, marko kok prong said:

Well,that's not to bad on the savings front,compare that and the debt ratio's to the Uk,Thailand come's out okay.

But surely the debt situation in the UK reflects the fact that more residents there are buying their homes with the help of a mortgage, which is the custom there.  

 

They are therefore buying an asset which not only provides them with a home but also acquiring a major asset which can be sold later, usually at a substantial profit, to provide funds for their childrens' education, or retirement etc.  This is, for the most part, an entirely different situation to Thailand, where many debts relate to the purchase of cars and similarly depreciating assets.

[Mad mick]

4 hours ago, esprit said:

Of course they are. They are being bled dry by the very same people who have have raped this country for decades if not longer, to the detriment of millions,   Nothing new in the way the feudal system works.

How true and every minute oh well amazing thailand. 

[trainman34014]

I would suggest it's a much higher percentage than 68% if you take into account the amount of money owed to Loan Sharks !

[observer90210]

Sorry to the Thai Bashers, but consumer debt is a growing phenomena that hurts like the plague,  globally...

 

Uncontrolable and rapid advances in modern technology, consumerism, agressive marketing, make the weaker elements of society the ideal targets.

 

Simply put, the subtle and implicit message conveyed by modern consumer oriented marketing is:

 

"you just must have that latest iThing gizmo or else you don't have a life"...or

 

"if you don't drive around in the latest 200 HP,  tri-turbo, super injected quadra valve and god-knows-what,  you are a looser".....

 

sad, as many young adults, start their professional lives in debt....and the figures of people in consumer debt in the west are far more disturbing...

Edited July 18, 2017 by observer90210

[faraday]

Yes agree with post #15.

 

My reference in my first post to the Freud family, was seeing if any of the bashers actually understood Consumerism. It was developed by Edward Bernays, Freuds nephew.

[williamgeorgeallen]

the world seems to be floating on a sea of debt. that is how money is created. bit different from the old days of mining gold or silver.

[bizboi]

Oh stop the bleeding heart CRAP!! IN life we have choices - Thais dont have high salaries normally - if people anywhere cant afford to buy things go without like your parents did!! Too much loony lefty sympathy for people that earn a pittance and want to drive round in rolls royce. People dont know what save means now!!  If you cant afford university fees get a job!! Liberal losers make me SICK!!

Edited July 18, 2017 by bizboi

[bizboi]

34 minutes ago, faraday said:

Yes agree with post #15.

 

My reference in my first post to the Freud family, was seeing if any of the bashers actually understood Consumerism. It was developed by Edward Bernays, Freuds nephew.

JUST SAY NO!!! That beats consumerism every time!!

 

[connda]

50 years ago in my wife's village, a person with a bicycle was well off, a person with a motorcycle was rich, and those with cars were wealthy.

 

Now everyone is 'wealthy' or at least there is that illusion.  If you sit in front of my house and watch the cars go by, most of them are relatively new.  And you don't see people really economizing either.  Lots of 1M THB trucks.  

 

So the banks now extend loans to those who really can't afford the debt.  I know, my daughter in law is among them.  How can you make 9K THB per month but afford a car you're making 5K THB / month payments on?  So the debt fueled prosperity lasts until it doesn't, and then the banks and financial infrastructure come tumbling down while straight-faced banking CEOs tell regulators that they 'never saw it coming' which is why they will need their depositors to 'bail in' and help them out.  The banking industry is a predatory animal.  It devours the wealth of nations and when they go bust, they are the first with their hands out to the government.

 

Yeah, no way I see this story ending well.  

 

Edited July 18, 2017 by connda

[chainarong]

So has Oz,  the other percentage  are dreaming...............................

[faraday]

37 minutes ago, bizboi said:

JUST SAY NO!!! That beats consumerism every time!!

 

Your 2 posts on here are so funny. 

 

Is that intentional, or are you just niave?

[amvet]

UK is 150% of disposable income in household debt.  USA 112%.  Canada a whopping 175%.  Supposedly frugal Dutchmen 277%.  Thailand looks darn right smart and cost conscious by comparison.  You know it's impossible to understand comparative data without listing the stats of whom you are comparing.   https://data.oecd.org/hha/household-debt.htm

 

[seajae]

the problem is that those that cannot afford to borrow are doing it, there are no real regulations here that make the one lending the money to check on the borrowers capability of repaying their debt. When you have people buying cars and not being able to afford fuel you have a serious problem. The other side is those that simply buy to make it look like they have money to everyone else, the mentality here needs to change but I cannot see that happening for a very long time, all begins with good schooling which simply does not exist in Thailand

[amvet]

6 minutes ago, seajae said:

the problem is that those that cannot afford to borrow are doing it, there are no real regulations here that make the one lending the money to check on the borrowers capability of repaying their debt. When you have people buying cars and not being able to afford fuel you have a serious problem. The other side is those that simply buy to make it look like they have money to everyone else, the mentality here needs to change but I cannot see that happening for a very long time, all begins with good schooling which simply does not exist in Thailand

Thailand is only 80% while the UK is 150% why worry?  https://www.reuters.com/article/thailand-cenbank-loans-idUSL3N1JQ3A9

[Dene16]

4 hours ago, faraday said:

Btw, anyone seen the rates charged on 'pay day loans'?

1000/4000% APR + in the uk

Should be laws against it

Anyway the title is no different to the rest of the world

[Katia]

Of course, there's also the idea that if you're not in debt, you don't have  credit to your name and hence are considered unreliable (not just for obtaining loans and credit cards, but also for jobs and renting living space).  I imagine that paying your utilities on time can only take you so far on this front.  (For example, I just googled "how to build credit without a credit card or a loan."  Many still suggested getting a credit card or a loan.)

 

So the system tells you, "You must have debt!"  Then chastises you for having debt...

Edited July 18, 2017 by Katia

[kannot]

11 hours ago, connda said:

50 years ago in my wife's village, a person with a bicycle was well off, a person with a motorcycle was rich, and those with cars were wealthy.

 

Now everyone is 'wealthy' or at least there is that illusion.  If you sit in front of my house and watch the cars go by, most of them are relatively new.  And you don't see people really economizing either.  Lots of 1M THB trucks.  

 

So the banks now extend loans to those who really can't afford the debt.  I know, my daughter in law is among them.  How can you make 9K THB per month but afford a car you're making 5K THB / month payments on?  So the debt fueled prosperity lasts until it doesn't, and then the banks and financial infrastructure come tumbling down while straight-faced banking CEOs tell regulators that they 'never saw it coming' which is why they will need their depositors to 'bail in' and help them out.  The banking industry is a predatory animal.  It devours the wealth of nations and when they go bust, they are the first with their hands out to the government.

 

Yeah, no way I see this story ending well.  

 

Wifes  Sister owes shedloads but daily  on facebook showing how hi so she is, hasnt got 2  farthings to rub together in reality, many like this "face"

[metisdead]

Off topic posts have been removed. 

[SoilSpoil]

11 hours ago, amvet said:

UK is 150% of disposable income in household debt.  USA 112%.  Canada a whopping 175%.  Supposedly frugal Dutchmen 277%.  Thailand looks darn right smart and cost conscious by comparison.  You know it's impossible to understand comparative data without listing the stats of whom you are comparing.   https://data.oecd.org/hha/household-debt.htm

 

Because its not the debt itself, but the debt to asset ratio. Those frugal Dutch have land or real estate where the gullible Thais hold cars and phones.