13 October 2023 at 19:36 PUBLISHED
Rudklao Suwankiri, a spokeswoman for the deputy government, stated on Friday that the government wants to reduce household debt to less than 80 % of the gross domestic product ( GDP ) and that it is offering various debt-setting measures to assist those in need.
The second quarter saw house debts reach 16 trillion ringgit, or 90.6 % of GDP, according to the Bank of Thailand.
According to Ms. Rudklao, on Navamindra Maharaj Day on Friday, the Government Savings Bank ( GSB ) started providing options for people whose debts have been classified as non-performing loans( NPLs ) and those who are having trouble repaying them.
According to her, this is a component of the government’s socioeconomic development strategy, which aims to assist debtors in resolving their debt issues, lowering their living expenses, and enhancing their capacity to increase income.
The GSB is now allowing lenders to choose to stop repaying the money and only pay interest at a rate ranging from 25 % to 100 % of the regular monthly charge, she said. This will last until December 30.
If debtors agree to pay off their debts at reduced interest rates, she said, they will be exempt from bankruptcy lawsuits and property confiscations if they were NPLs prior to December 30.