chelseafan Posted February 4, 2009 Report Share Posted February 4, 2009 Yes, but thats the same the world over. Link to comment Share on other sites More sharing options...
HeartThais Posted February 4, 2009 Report Share Posted February 4, 2009 debts in thailand?a lot of middle class Thais with own houses, condos, cars finance this with loans, not many have enough cash! many have several credit cards and use them to their limits! as long as their income always go up yoy as in the last couple of year, no problem! once it doesn't or they loose their job, houses, condos, cars go to the bank! Anecdotal evidence is dangerous. I seriously doubt that Thailand has even modest levels of personal debt compared to the UK/US. UK made news a few months ago when their personal debt exceeded GDP. Link to comment Share on other sites More sharing options...
shygye Posted February 4, 2009 Report Share Posted February 4, 2009 The banks loosened the salary requirements for credit cards. More personal debt than in the '97 crash. Link to comment Share on other sites More sharing options...
chelseafan Posted February 4, 2009 Report Share Posted February 4, 2009 I don't doubt that there is more personal debt about, however, banks in Thailand are notoriously difficult to borrow from compared to those in the west where money was thrown around as if it was confetti.... Link to comment Share on other sites More sharing options...
shygye Posted February 4, 2009 Report Share Posted February 4, 2009 ... unless you have connections. Link to comment Share on other sites More sharing options...
khunsanuk Posted February 5, 2009 Report Share Posted February 5, 2009 Hi, Yes, but then you are not expected to pay back the 'loan' anyway Sanuk! Link to comment Share on other sites More sharing options...
samak Posted February 6, 2009 Report Share Posted February 6, 2009 Anecdotal evidence is dangerous. I seriously doubt that Thailand has even modest levels of personal debt compared to the UK/US. UK made news a few months ago when their personal debt exceeded GDP. can you back up your statement with any evidence? probably difficult as statistics are poor in this part of the world! sure personal debt is smaller here, but if you compare to GDP per head probably not! Link to comment Share on other sites More sharing options...
HeartThais Posted February 6, 2009 Report Share Posted February 6, 2009 can you back up your statement with any evidence? probably difficult as statistics are poor in this part of the world! sure personal debt is smaller here, but if you compare to GDP per head probably not! I can't find Thai data. I said I thought it highly improbable. Credit easiness is a function of robust credit rating agencies and well-functioning credit securitization, neither of which exist in Thailand that I'm aware of. And also, Asians save a lot more... too much in some people's opinions. Anyway, if you want to compare personal anecdotes, I have a friend who received 80K USD in credit cards (many different cards) as a foreign phD student. He lost all the money betting on stock options and declared bankruptcy. This is a guy on a student visa and making only phD stipend. How could Thailand even compare?!! And to whoever pointed out that credit card debt is higher than 1997, I've never read anything that pointed to credit card debt as one of the contributors to the crash. It was business and real estate loans denominated in foreign currency. Link to comment Share on other sites More sharing options...
.. Posted February 6, 2009 Report Share Posted February 6, 2009 Compare? I know Thais who make B20k/mo yet have a new car with a payment of B12k/mo! Cheers, SD Link to comment Share on other sites More sharing options...
kamui Posted February 6, 2009 Report Share Posted February 6, 2009 Compare? I know Thais who make B20k/mo yet have a new car with a payment of B12k/mo! Cheers, SD In regard to credit cards, I remember that South Korea had a credit card crash a few years ago, which was barely noticed outside the country. It happened a few years after credit cards were heavily promoted by Korean banks and the locals became crazy about the cards and taking out loans on them. I wonder how much credit cards are/were promoted in LOS in the recent years and if not same could happen to the Thai middle class which seems to be very vulnerable at the moment (housing loans, cars loans, e.g.)? Link to comment Share on other sites More sharing options...
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