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

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

68.10 % have debts, averaging 565,302.88 baht each; 59.47 % of the debts are used to purchase consumer products and services; 35.46 % of the debts are used for business investments; 14.24 % of the debts are for taking care of children and 11.89 % of the debts are for the families.

Regarding debt management, 61.01 % of the debtors pay their debts on time; 19.46 % vow not to create more debts and 14.17 % say they will try to cut expenses.

Surapol Opasatien, National Credit Bureau Co Ltd's chief executive officer said total household debt climbed to 11.4 trillion baht in the first quarter of this year, 3.1 % increase from last year. Most of the debts are personal loan from financial institutions, cooperatives, or credit card debt.

A number of young professionals are indebted from the first-car buyer scheme, he said, addidng that young Thais are becoming indebted faster, longer, and in a larger amount than before.

Source: Thai Public Broadcasting Service (Thai PBS)