Household debt was growing by 3.5 – 3.7% in the second quarter of 2022, which is close to the 3.6% rate in the first quarter of the current year, since the economy in general hasn’t fully recovered yet. Households are still unstable because of the higher cost of living, and many families’ incomes haven’t yet returned to normal.
The Households Debt to GDP ratio in the second quarter of 2022 is expected to be lower than the 89.2% recorded in the 1st quarter, partially because of the growing nominal GDP and higher inflation rates.
The outstanding household debt is expected to increase from 14.65 trillion baht in the first quarter to 14.78 trillion baht in the second quarter. Consumer loan amounts (especially unsecured debts, such as credit card loans and consumer loans) keep growing.
According to the Bank of Thailand, the household debt equals 89.2% of the Gross Domestic Product (GDP) and consists of:
- Mortgage loans: 5.06 trillion baht.
- Car / motorbike loans: 1.79 trillion baht.
- Student debt: 2.42 billion baht.
- Other consumer loans: 4.05 trillion baht.
- Credit card debt / personal loans: 1.15 trillion baht.
- Professional loans: 2.68 trillion baht.
- Other: 8 billion baht.