Average debt of a Thai family is 480,000 baht

A number of Thai families had an average debt of about 480,000 baht in 2020, an increase of 42 percent from 2019, according to a survey by the Thai Chamber of Commerce (TCC).

TCC Rector Tanawat Polvichai, who is also the chief consultant for the Center for Economic and Business Predictions, had carried out the 2020 survey of 1,229 people around the country during 18-27 December 2020.

As high as 90.7 percent of respondents said they were in debt, and 9.3 percent had no debts. The average debt of each family was around 483,950 baht, an increase of 42.3 percent from previous year.

The Thai Chamber of Commerce said the spread of Covid-19 had also resulted in higher debts among borrowers.