HOUSEHOLD DEBT CRISIS OF THAILAND IN THE GLOBAL ECONOMIC RECESSION AGE: PROBLEM AND SOLUTION

Abstract

The teaching of Buddhism mentioned that “No Debt is the Great Wealth”. But at the present time, the world population including Thai people have the high household debts. Especially, the emerging markets that have the middle income, have the high household debts that reduce the quality of life and create the stress for the general people. Moreover, it has had Covid 19 in December 2019, Thai people have the household debts up to 14.7 trillion Baht and Non-Performing Loans or NPL for 3 million people about 400000 million Baht from all Non-Performing Loans for 5 million people about 1 trillion Baht. Thailand’s government and the Bank of Thailand try hard to solve the household debts seriously for better living of the people and for better quality of life and for supporting the Thai people reducing the debts, increasing the saving and have the financial discipline. The solution to the problem is systematic promotion of financial discipline.