Fears that rising loans could lead to debt trap

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The story "Fears that rising loans could lead to debt trap" was covered 8 hours ago by Bangkok Post, a news publisher based in Thailand.

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Bangkok Post 8h ago

Fears that rising loans could lead to debt trap - Bangkok Post

Quick Summary:

The National Economic and Social Development Council (NESDC) has raised concerns about the rising trend of consumer loans, fearing that this could lead to a debt trap, a situation in which an individual, a household or even a country is forced to take new loans to repay existing debt obligations.

The decline in household debt was attributed to the high debt burden combined with deteriorating loan quality, prompting financial institutions to tighten their criteria when assessing loan applications.

Mr Danucha added there is also an upward trend in mortgage defaults, particularly for loans under 3 million baht, indicating that the incomes of certain households have not yet recovered, and their financial situation remains strained.