BOT mulls refinance programme for credit card debtors
The Bank of Thailand (BOT) is considering a refinance programme for credit card debtors with credible payment history, assistant governor of communications and corporate relations Chantavarn Sucharitakul said.
“BOT has taken note of the problem faced by those credit card debtors’ during its Debt Clinic, and decided to help them via market mechanisms,” she explained. “The programme is being discussed. It will possibly take some time before clear guidelines are created and BOT can proceed.”
The refinance programme aims to help debtors by reducing their interest rates from 18 to 28 per cent to 7 to 12 per cent.
BOT specified that those who can avail of the refinance must not be over seventy years of age on the day the contract ends.
There will be a fixed installment throughout the contract, with an installment period of 1 to 4 years and a financial limit of Bt100,000 per person.
Those interested in the programme must agree to undergo checks by the National Credit Bureau every month.