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Government provides plans to lower household debt.

Government provides plans to lower household debt.

According to deputy government spokeswoman Rudklao Suwankiri, the administration wants to reduce household debt to less than 80% of gross domestic product (GDP) while also providing numerous debt-settlement options to assist those who are struggling.

The Bank of Thailand reports that in the first quarter, household debt reached 16 trillion baht, or 90.6% of GDP.

The Government Savings Bank (GSB) started providing options for persons who are having trouble paying their debts and for those whose debts have been labeled as non-performing loans (NPLs) on Friday to commemorate Navamindra Maharaj Day, according to Ms. Rudklao.

According to her, this is a component of the government’s economic development strategy, which aims to assist debtors in resolving their financial issues, lowering their cost of living, and enhancing their capacity to increase their income.

The GSB is letting debtors choose to stop returning the capital as of right now until December 30 in exchange for continuing to pay only interest at a rate that ranges from 25% to 100% of the regular monthly rate, she said.

If they agree to repay their obligations at reduced interest rates, those whose debts were classed as NPLs before December 30 will be exempt from bankruptcy proceedings and asset confiscations, she said.

READ MORE https://www.gsb.or.th/

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