Thailand tightens credit-card rules to battle high household debt

[cmsally]

11 hours ago, Krataiboy said:

Yeah, but. . .

 

Not to worry. Soon the joys of the cashless society - now being rolled out in lucky Chiang Mai - will become a reality across the kingdom and bank managers will decide what you can and can't spend and on what.

 

Can't wait - can you?

 

How is this being particularly pushed in CM. Sorry to change the subject slightly, but was interested in what way CM was being made some sort of "pilot project" ?

[captspectre]

five times the monthly income? absolutely nuts for anyone but the thai's  some of the thai's I know can't pay their car payments or credit card payments BUT they don't care! the car company is not going to reposses the car, and the credit card companies will just pile on the late fees!

because of my balance in a Bank i was offered a thai credit card!  said no thanks! 

 

[spidermike007]

All these problems, despite the fact that Thai banks are some of the most timid, cowardly, and conservative banks I have ever encountered. Been turned down for two home loans already, and the finances look good, through the Thai wife. But, they seem to favor government jobs, want a huge amount of collateral, and even then are major pussies.

[Ombra]

13 hours ago, how241 said:

I think many other countries are worst off.

I think that you are right:

 

http://www.businessinsider.com/these-are-the-countries-with-the-biggest-debt-slaves-2017-1

 

 

 

 

[KittenKong]

1 hour ago, spidermike007 said:

All these problems, despite the fact that Thai banks are some of the most timid, cowardly, and conservative banks I have ever encountered. Been turned down for two home loans already, and the finances look good, through the Thai wife. But, they seem to favor government jobs, want a huge amount of collateral, and even then are major pussies.

 

If you look at the repossessed properties on their books you will understand why. Some of them still aren't worth what the owners defaulted on back in 1997.

[KittenKong]

14 hours ago, Jonmarleesco said:

No, they're hoping to reduce accruing debt. Though it's unlikely to have the desired effect. 

 

I understand that, but reducing the interest rate will only increase the attractiveness of borrowing.

[thaiguzzi]

Debit card = good.

Credit card = bad.

Worldwide, not just here.
If you have'nt got it, you can't spend it.

Simples, really.

[gandalf12]

One thing is obvious and that is the Fitch do not understand Thai economics. It is obvious more borrowing is good for the economy; the people have more so they spend more simple really. Oh forgot what about paying the money back ummm that could be a problem. Still we will borrow to pay the other money back 

[mortenaa]

On 7/26/2017 at 3:02 PM, YetAnother said:

how can they possibly check that across banks ?

All credit cards are reported to the Credit Bureau. 

[observer90210]

When the bubble explodes, as at one point people won't be able to pay back the banks, I feel sorry for those having their savings in the banks!!!....Under the current climate, not sure the govt. would bail out any farang's accounts, in case of bank bankruptcy!

Edited July 27, 2017 by observer90210

[swissie]

On 26.7.2017 at 10:53 AM, Ralf61 said:

The Thai theory of economy is as simple as the Thai theory of life : Don't waste your present day with the problems of tomorrow.

This is Exactly how the "Modern-Day" Greeks perceived the world. Adhering to the same "Theory of Life" as the Thai's do.

With the result, that Greeks can not afford to Holiday in Thailand anymore.

All said, nothing to add.
Cheers.

[wakeupplease]

On 26/07/2017 at 9:15 AM, Ricardo said:

" * Cuts maximum credit card interest rate to 18 pct from 20 pct "

 

I wish the Bank of England would follow this example, they too have high personal-debt, yet I believe 30% interest is still common for a credit-card, and I see interest-rates in the thousands advertised, on daytime-television.

But you will find there is a lot more money in the UK than you think, they sell and bank the cash most of the god dam inventions come out of there as history shows, sell it bank it and invent some more, then you do not have to put cash behind the product. They do not make cars anymore yet rule the world in technology, as F1 and even Indy prove.

[wakeupplease]

15 hours ago, KittenKong said:

 

I understand that, but reducing the interest rate will only increase the attractiveness of borrowing.

Yep borrow more as its cheap pay back no no no but certain people have never paid back have they its hit and run as a German and Singapore company can show

[Ricardo]

3 hours ago, wakeupplease said:

But you will find there is a lot more money in the UK than you think, they sell and bank the cash most of the god dam inventions come out of there as history shows, sell it bank it and invent some more, then you do not have to put cash behind the product. They do not make cars anymore yet rule the world in technology, as F1 and even Indy prove.

 

Yes, most of the world formula-one car industry is within 50-or-so miles of Silverstone.

 

And I think they still make as many cars as ever, just that none of the companies are British-owned anymore ?

 

But my concerns are more about household-debt, rising at 10% pa, when real-wages are (if anything) slightly shrinking  ...  I think there's a reluctance to cut their personal-spending, despite the harder times, which doesn't bode well.

 

Sooner or later debt has to be paid-back, with interest, unless one is a government, and can inflate a way out of it !

[overherebc]

On 27/07/2017 at 8:38 AM, captspectre said:

five times the monthly income? absolutely nuts for anyone but the thai's  some of the thai's I know can't pay their car payments or credit card payments BUT they don't care! the car company is not going to reposses the car, and the credit card companies will just pile on the late fees!

because of my balance in a Bank i was offered a thai credit card!  said no thanks! 

 

At least 3 times a week my wife gets phone calls with offers of new cards and loans etc.

Most of it started when her last O&G contract finished and from her severance paid off the two cards she has.

Now every month if she uses either card it gets paid off on the due date. They don't seem to like it hence the phone calls offering all sorts of deals.

She listens and then just says

' ok I'll call you back '

[ratcatcher]

On 7/28/2017 at 7:17 AM, Ricardo said:

And I think they still make as many cars as ever, just that none of the companies are British-owned anymore ?

Mostly quite true except for a few stragglers............A.C. Cars, Bristol Cars, Morgan Cars and maybe a few other small companies.

[overherebc]

19 minutes ago, ratcatcher said:

Mostly quite true except for a few stragglers............A.C. Cars, Bristol Cars, Morgan Cars and maybe a few other small companies.

???????

??

[rkidlad]

Recently spoke to a girl in her late 20s who told me she makes 7k a month. 3500 is for rent, and she had to support her parents, too. This number seems ridiculously low, but I don't see why she would have lied.

 

Anyhoo, in Bangkok it must be an absolute miserable experience for many when it comes to money. I hate to think about how bad some have it. Absolutely depresses me. At least I have a clear conscience that I am definitely not part of the problem. At least genuinely wanting people to have better lives puts you in part of the solution. 

[ratcatcher]

22 minutes ago, overherebc said:

???????

??

What's your point????

[overherebc]

8 hours ago, ratcatcher said:

What's your point????

 

8 hours ago, ratcatcher said:

What's your point????

Bristol, Morgan, Caterham and McClaren left as British owned.

Any others are really 'kit-car' companies or perhaps do custom work for buyers.

???? meant surprise that they are still British owned.

???

[Crossy]

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