With debt hanging over many Thai households, financial experts are urging citizens to take control, starting with a yearly credit check and smart planning.
The National Credit Bureau (NCB) is encouraging Thai citizens to review their credit reports annually to monitor their debt and prevent financial fraud.
The advice comes amid rising concerns over Thailand’s high household debt, which now stands at around 90% of the country’s GDP. Regular credit checks help individuals assess their financial health and ensure their personal data is not misused for unauthorised loans, said Tharit Sriarunotai, senior executive vice-president of the NCB.
“Checking your credit report each year is like going for a health check-up. It helps spot problems early before they turn serious.”
He made the remarks at a panel discussion titled How to Survive When Money Gets Tight, hosted by Bangkok Post at craftstudiO, CentralWorld, as part of the Next Gen Finance forum.
Tharit said that credit information is accessible via NCB service centres, participating financial institutions, mobile banking apps, or the government’s Tang Rat app, which offers the service free of charge.
He also recommended debt restructuring as a critical strategy for those struggling financially. By consolidating loans, especially high-interest credit card and personal loans, into a single facility, borrowers can reduce their monthly repayments and ease their financial burden.
Currently, the Bank of Thailand caps interest rates at 18% for credit cards and 25% for personal loans, while housing loans hover between 6.65% and 7.05%.
Several restructuring schemes are already in place, such as the You Fight, We Help programme, the Debt Clinic, and Debt Doctor services. Tharit urged borrowers to prioritise repayment over new borrowing, although some banks may consider providing additional liquidity on a case-by-case basis.
Banks are becoming increasingly cautious when issuing new loans, often rejecting applications due to poor repayment capacity or ineligibility.
“The decision lies with the banks, not the NCB.”
Wiroj Tangcharoen, president of the Thai Financial Planners Association (TFPA), also spoke at the forum. He described debt as a “chain that holds people back” and emphasised the importance of building emergency savings, planning for retirement, and investing wisely, reported Bangkok Post.
“Financial planning is essentially designing one’s life.”
He advised against chasing trends and suggested diversifying portfolios with a mix of stocks, bonds, and gold to achieve long-term financial security.
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