Thai household debt soared in H1 this year
THE latest data from the National Statistical Office shows that Thai household debts increased during the first half of this year with this covering both formal and informal loans, Thai News Agency reported today (Dec. 12).
A survey of 26,000 households nationwide revealed that the number of Thais who are in debt increased from 49.1% in 2015 to 51% this year.
Average debts also increased from 156,770 baht in 2015 to 177,128 baht, or up 20,358 baht.
The National Statistical Office’s survey significantly showed that households with high income are also being burdened with higher amount of debts and expenses.
Average formal debt now stands at 172,188 baht, or an increase of 18,000 baht from 154,188 baht in 2015, while informal debts average at 4,940 baht, up from 3,346 baht in 2015.
The survey also shows that people living in Bangkok, Nonthaburi and Samut Prakarn carry the highest level of informal debts compared to other regions at 13.5%.
Professional groups incurring the most debts are non-farm businesses and hawker stall operators, who borrow to invest and meet their daily necessities.
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Top: An empty pocket is quite common. Photo: CafeCredit (CC-BY-2.0) (www.cafecredit.com)
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