News Forum - Thailand’s struggle with high household debt and political promises

[Thaiger]

Kavita Wongyakasem, a 48-year-old business owner in Bangkok, struggles daily to keep her household afloat. Running a company that provides services for a major energy firm, she owns a house in Nonthaburi, drives a pickup truck, and sends her two daughters to good schools. But beneath the surface, she is eight million baht in debt …

The story Thailand’s struggle with high household debt and political promises as seen on Thaiger News.

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[Skip]

Maybe teaching them to live within their means... start with their need for an I-phone and go from there.

[Marc26]

3 hours ago, Skip said:

Maybe teaching them to live within their means... start with their need for an I-phone and go from there.

It is the same in North America where people pay per month for their phone

 

But I am always astonished that a lot of Thais have phones that cost 30k+ with a lot of people that don't get paid that in a month 

[HiuMak]

13 hours ago, Thaiger said:

Kavita Wongyakasem, a 48-year-old business owner in Bangkok, struggles daily to keep her household afloat. Running a company that provides services for a major energy firm, she owns a house in Nonthaburi, drives a pickup truck, and sends her two daughters to good schools. But beneath the surface, she is eight million baht in debt …

The story Thailand’s struggle with high household debt and political promises as seen on Thaiger News.

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Drugs and addiction is one reason why some Thai families are struggling and have to borrow, many through sources that are not legit.

 

[Marc26]

35 minutes ago, HiuMak said:

Drugs and addiction is one reason why some Thai families are struggling and have to borrow, many through sources that are not legit.

I am sure that happens

 

But the vast majority that struggle simply don't make enough money

 

When min wage is 300-400/day it is just a struggle to get by if you have kids

 

It's simple math 

[KaptainRob]

15 minutes ago, Marc26 said:

I am sure that happens

But the vast majority that struggle simply don't make enough money

When min wage is 300-400/day it is just a struggle to get by if you have kids

It's simple math 

Same everywhere.  Families in Australia, UK and elsewhere are struggling due high cost of living, especially utilities and mortgages.  Very few have any savings, just more debt piled on the plastic.

Thai's do not know how to save, don't trust banks, and prefer to invest in gold, new car or a new house.  With little or no financial competence, nor any guidance, they live hand to mouth with no safety net ... except more borrowings.  Same same but different.

Around CM we know of some very entrepreneurial Thai's and Burmese, people from humble beginnings who've recognised a means to get ahead and work long hours to achieve their goals.  It can be done, just as in the West, but many folk are plain lazy.

 

[palooka]

2 hours ago, Marc26 said:

It is the same in North America where people pay per month for their phone

But I am always astonished that a lot of Thais have phones that cost 30k+ with a lot of people that don't get paid that in a month 

The phone companies suck them in on "plans" for 3 years and they end up paying double for the phone.

[TheDirtyDurian]

Fact is that Thailand is a very expensive country to live in for the vast majority. 

All those criticising the Thais should try living on 500 baht a day, raising families etc. 

And no, the vast majority of Thais do not own the latest I-phone. 

[Marc26]

9 hours ago, KaptainRob said:

Same everywhere.  Families in Australia, UK and elsewhere are struggling due high cost of living, especially utilities and mortgages.  Very few have any savings, just more debt piled on the plastic.

Thai's do not know how to save, don't trust banks, and prefer to invest in gold, new car or a new house.  With little or no financial competence, nor any guidance, they live hand to mouth with no safety net ... except more borrowings.  Same same but different.

Around CM we know of some very entrepreneurial Thai's and Burmese, people from humble beginnings who've recognised a means to get ahead and work long hours to achieve their goals.  It can be done, just as in the West, but many folk are plain lazy.

I would go back to what I said, pretty hard to save when you barely make enough to survive each month

 

Every Thai I know with a decent job saves plenty, well as much as they can because they still not super rich

But most don't have that luxury

[HiuMak]

On 5/10/2023 at 11:43 AM, palooka said:

The phone companies suck them in on "plans" for 3 years and they end up paying double for the phone.

I am still using my 2018 iPhone XS. A lot of Thais students have better phones than me.

[palooka]

8 hours ago, HiuMak said:

I am still using my 2018 iPhone XS. A lot of Thais students have better phones than me.

Yeah but you own yours, the sharks own theirs.

Note my phone is a 2018 model and works great, wife on her 3rd phone for the same time frame, granted she lives on the thing, been looking at surgical removals and implants for her in time for the next one.