Household debt not yet worrisome: Credit Bureau
Play
The consumer loan default rate has remained normal, according to the National Credit Bureau's chief.
Chief executive officer Surapol Opasatien said Wednesday that only 3 per cent of consumer loans - covering mortgages, hire-purchase loans and credit card loans - are non-performing.
The situation is not worrisome compared to last year, he said, attributing this to financial institutions' tightened rules to focus more on borrowers' income and ability to pay.
According to the bureau, which helps detect and prevent credit risks and fraud through piles of lending data from financial institutions, from 15 million credit card accounts, 400,000 are non-performing. From 13 million personal loan accounts, 800,000 are non-performing. Meanwhile, the non-performing loans of mortgages and hire-purchase loans have declined.
