Jump to content

News Forum - PM says government will make tackling household debt a priority in 2022


Thaiger
 Share

Recommended Posts

The Thai PM has used his New Year address on Facebook to reassure citizens that 2022 will be the year the government tackles household debt. PM Prayut Chan-o-cha says the government will focus on accelerating economic recovery and dealing with household debt in 2022. According to a Bangkok Post report, he acknowledges the economic hardships caused by the pandemic and associated lockdowns and restrictions, but praised the various stimulus measures put in place by his government. “I’m pleased that the measures have shown signs of easing people’s plight.” The PM says the re-opening of the country has helped to ease […]

The story PM says government will make tackling household debt a priority in 2022 as seen on Thaiger News.

Read the full story

Link to comment
Share on other sites

Good luck with that Khun P.  Thai's need educating in how to manage money 1st and lenders, especially for new cars, should be reigned in.

The average household spends on lottery, phone credit, alcohol & tobacco ahead of food, clothing, rent and utilities ... loan sharks are doing a roaring trade to support house & car loans whilst defaults soar.

Open the country and water will find it's own level in the absence of Govt control.

  • Like 7
Link to comment
Share on other sites

Posted (edited)

 

I think that this is Thailand's ticking time bomb.

"The PM says the re-opening of the country has helped to ease the situation somewhat and kick-started the economy. Across the service, industrial, and farming sectors, he says confidence has been buoyed and investments are looking up. The PM says government relief packages have maintained the public’s purchasing power and further stimulated the economy."

This is frankly pure BS.

Yes, it is a good thing for the economy to re-open the country a bit, but it has not yet occurred at a level consistent with wide-scale economic growth.

More specifically, every single person that I know who works in the tourist sector (approximately 15%-20% GDP) is drowning in household debt. Yes, the small re-opening in the last couple of months has the potential to help them, but more likely it'll hurt; hotels need to spend money (they don't have) for cleaning, re-hiring staff, advertising, etc. Restaurants need to re-hire staff and arrange food contracts with their vendors. Hell, beach-sellers need cash to buy their wares to sell on the beach. All of this costs money; where are they getting it after almost 2 years of no business? They are getting it from the loan sharks.

Every Thai person that I know who is connected to the tourism industry has re-scheduled their debts to come due around Songkran next year in the hope of having cash at the end of the tourist 'High Season'. 

What have they used as collateral for their loans from the loan sharks? Anything and everything. Their houses, their cars, their business, their future school fees for their children, their wives, their daughters, their parents' farms, etc., etc., etc.

And, all of this is off the radar and outside the formal banking system, which itself isn't doing well.

Next Songkran is going to be ugly as hell if there aren't many, many more tourists in Thailand soon.

BOOM! BOOM! BOOM! BOOM! BOOM!

KABLOOEY!

 

Edited by Shade_Wilder
smelting
  • Like 6
Link to comment
Share on other sites

BINGO... I was taught by my parents to keep my income one-step above my lifestyle.. As of now I'llbe dead before I spend all my money..  FREEDOM....

Link to comment
Share on other sites

Elections in some places so his lip service for free money they hopefully think will give some erections. He is not kidding anyone. The only thing he and his cronies have done is effectively take out the opposition of choice and keep themsleves all high and mighty.

Only way to help people here is to pray Covid goes away and open up the country, meaning open up everything including all type of businesses.

  • Like 1
Link to comment
Share on other sites

2 hours ago, Thaiger said:

2022 will be the year the government tackles household debt

How?

The "stimulus measures" encouraging travel ensured that Covid was spread liberally around the country, and instead of encouraging people to live within their means they have to spend what little they have in order to get the subsidy and if they don't spend it they don't get any subsidy to live on 😢.

  • Like 2
Link to comment
Share on other sites

1 hour ago, HolyCowCm said:

Elections in some places so his lip service for free money they hopefully think will give some erections. He is not kidding anyone. The only thing he and his cronies have done is effectively take out the opposition of choice and keep themsleves all high and mighty.

Only way to help people here is to pray Covid goes away and open up the country, meaning open up everything including all type of businesses.

If you understand how the subsidies work, apart from the very first it's not "free money".

If you don't spend or have the money to spend you don't get the subsidy.

  • Like 2
Link to comment
Share on other sites

2 hours ago, Thaiger said:

PM Prayut Chan-o-cha says the government will focus on accelerating economic recovery

head on into a wall .?

 

2 hours ago, Thaiger said:

and dealing with household debt in 2022.

If you are in debt you are not a loan .. 

  • Like 1
  • Haha 1
Link to comment
Share on other sites

I believe Prayut absolutely.... he really is trying to help the Thai people get out of debt and have a better life..... I also believe in Santa Claus, the Easter Bunny and the Tooth Fairy 😋😋😋😋

  • Like 1
  • Haha 2
Link to comment
Share on other sites

Thais culture of not saving for rainy days has themself to blame. Their carefree "Sabai" attitude of spending/eating lavishly today and not worry about tomorrow will never change.

  • Like 1
Link to comment
Share on other sites

 Cheap govt. subsidized bank credit for houses and cars for easy population control ……..how else do very low paid Govt clerks continue to get such loans with defaults through the roof …..poor education, Buddhism / monarchy religion, materialism and cheap food complete the govt. control of a dumb population. Brave New World indeed….

  • Like 1
Link to comment
Share on other sites

12 hours ago, HolyCowCm said:

Elections in some places so his lip service for free money they hopefully think will give some erections. He is not kidding anyone. The only thing he and his cronies have done is effectively take out the opposition of choice and keep themsleves all high and mighty.

Only way to help people here is to pray Covid goes away and open up the country, meaning open up everything including all type of businesses.

Covid ain't going away 

Link to comment
Share on other sites

On 1/3/2022 at 1:17 AM, HiuMak said:

Thais culture of not saving for rainy days has themself to blame. Their carefree "Sabai" attitude of spending/eating lavishly today and not worry about tomorrow will never change.

Where is it that Thai culture doesn't save? Just another ignorant generalization that this forum is rife with.

Maybe the lower economic class, but that is the case in all countries.

 

Do you know some of the countries considered to be the best in the world have the highest household debt?

Do you know that your country, Australia, has a higher household debt ratio than Thailand?

 

Thailand definitely has a worrying household debt issue, but it isn't from "eating lavishly", it's from relatively small incomes vs mortgages/car loans

You know, things people actually need in their daily lives.......

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Unfortunately, your content contains terms that we do not allow. Please edit your content to remove the highlighted words below.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

×
×
  • Create New...

Important Information

By posting on Thaiger Talk you agree to the Terms of Use