The Buddhist Integration Model of Personal Debt Management for Modern Thai Society

Abstract

This research paper is part of the dissertation “The Buddhist Integration Model of Personal Debt Management for Modern Thai Society”. The objectives of the research, are; 1) To study principles and concepts of personal debt management in modern Thai society. 2) To study Buddhist principles that are suitable for personal debt management. 3) To present the Buddhist Integration model of personal debt management for modern Thai society. This qualitative research includes documentary research, in-depth interview of 12 experts, data analysis using content analysis, and presenting the finding in the descriptive analysis method.

The research found that, principles and concepts of personal debt management consist of 3 phases, which include; 1) Before indebtedness: spend carefully, save before spending and try to resist the temptation 2) During indebtedness: spend carefully, maintain liquidity, not incurring new debt and 3) Resolving debt issue: acknowledge the truth, know your financial status, not incurring new debt, set goal to resolve debt issue, make a list of all debts, prioritize plan to pay off debts and implement the plan.

The Buddhist principles that are suitable for personal debt management are  1. Bhogavibhāga 2. Santosa 3. Dṭṭhadhammikattha

The Buddhist Integration Model of Personal Debt Management for Modern Thai Society (body of knowledge from research) is the “P₂R: Proactive Preventive Reactive, Comprehensive Debt Management Model”, which includes 1) Proactive: has saving with Bhogavibhāga, has wealth with Diṭṭhadhammikattha, has sufficient life with Santosa and Samajīvitā 2) Preventive: has financial liquidity with Bhogavibhāga, has sufficient life with Santosa and Samajīvitā and 3) Reactive: with 3S principle ie., Survive: solve the debt issue with The Four Noble Truth, Sufficient with Santosa and Samajīvitā and Sustain: has wealth with Diṭṭhadhammikattha. All of these are controlled by Sati Sampajañña.