NESDC fears rising loans could lead to debt trap

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.

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Article Details

Category: EconomyBusiness

Markets: Thailand

Topics: Second Quarter Nesdc Debt Consumer Personal Danucha Baht Loans Household Total

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-26 @ 05:59:00 (8 hours ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 743 words

Reading Time: 5 minutes read

Sentences: 29 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bangkok Post

News ID: 23862776

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