In Thailand, having a regular job could still leave you US$200,000 in debt
- Meagre incomes don’t leave workers with much at the end of the month, and millions are pushed deeper into debt as they take out new loans to get by
- Poor financial literacy, inflation and rising interest rates also worsen household debt, which reached US$394 million in 2021, analysts say
To supplement her income, Jiraporn opened a tour business some 20 years ago, borrowing again to buy tour buses. Her debt grew after she bought a new family house, while supporting her family and paying off credit card loans.
Even though she now earns 30 times what she did four decades ago, Jiraporn says she has never once been in the black. Her debt continues to stand at 8 million baht (US$218,000) today.
“I don’t know if my debt will ever be paid off by the time I’m 80,” she said. “But how can I acquire anything in life without the help of loans?”
Even though Jiraporn earns a regular income, unlike millions of people in Thailand’s informal sector, she still cannot escape the household debt crisis that affects about half the country’s 66 million people.
