The Bank of Thailand evaluates household debt, this is a problem that needs to be solved for the growth of the country's economy. This has long been considered a structural problem in Thailand. Especially over the past 2 years, when the economy has suffered greatly from COVID-19. As a result, household debt in relation to GDP has grown to almost 90%, or 10% compared to the period before COVID-19.
In solving this problem, the Bank of Thailand paid great attention to servicing small debts in the main areas: settlement of existing debts; creation of new debts, consultations and improvement of financial skills, support for sustainable debt restructuring. Currently, 3.89 million accounts or 2.98 trillion baht have been restructured.
New loans are currently offered only to meet the needs of the business sector. For a private person, the process will be complicated.
Although the economy has recovered strongly after the pandemic, however, it is not complete. This is especially true for the tourism sector.
Recently, the Bank of Thailand has been cooperating with various associations of financial institutions to cover debt on credit card loans, consumer loans, car loans, nanofunding, mortgages and all types of loans from specialized financial institutions.
In Bangkok and other regions of the country, the events «Debt settlement: there is a debt that needs to be fixed» will be held from September 26 to November 30, 2022, where people will be able to get advice on their financial situation.