One culprit missing from household-debt probe - credit card companies

Without a doubt, Thailand’s ballooning household debt is being pumped up by poor financial literacy and discipline among our young adults, low-income workers and farmers. However, the “Literacy Improvement for Better Finance in Thailand” study conducted by the Kenan Institute and backed by the Citi Foundation missed one key cause of the household-debt problem – credit card companies luring these vulnerable people to borrow.
Most were cold-called by telemarketing staff representing credit card companies offering “excellent” loan arrangements. Naturally, the wealthier and better-educated middle-income citizen is able to avoid this trap. It is not surprising that a study supported by a lending institution should limit the blame to poor financial literacy and lack of awareness of the trap. I would also blame capitalism at its worst.
Songdej Praditsmanont