​Thai people depend less on loan sharks

BANGKOK, Oct 14 (TNA) -- Thai people depend less on informal loans as a survey by the University of the Thai Chamber of Commerce (UTCC) found that the proportion of informal debtors dropped by the greatest extent in a decade. UTCC president Sauwanee Thairungroj said the survey on household debts this year found that 91.1% of respondents were indebted, mainly for general spending, asset acquisition and refinancing. Only 8.9% had no debts. Household debts averaged 299,266 baht per family, rising 0.4% from last year which is the slowest growth rate in ten years. Of the indebted respondents, 74.6% borrowed from formal sources and the rest 26.4% depended on loan sharks. The number of debtors borrowing informal loans dropped the fastest in ten years. Households are able to repay loans at 15,438.92 baht a month. Most of the respondents said they were spending less this year because they were concerned about the rising cost of living that exceeded their declining income. Respondents also said they were satisfied with the government’s electronic welfare cards as subsidies through the cards helped relieve their financial burdens. (TNA)