Thai Household Debt Skyrockets from Credit Cards, Loans and Car Loans

Source: Chiang Rai Times

The Bank of Thailand has been asked to review the ceiling of interest rates and supervise credit cards, personal loans and car loans, as the Thai government has vowed to tackle high household debt, incurred by credit card and personal loans.

The Bank of Thailand has been tasked with offering measures to strengthen the competitiveness of local financial institutions in the long term.

Thailand’s Prime Minister Prayut Chan-o-cha said on Tuesday that all related agencies including the Bank of Thailand are being ordered to accelerate addressing the debt burden among various groups of people.