TMB tackles household debt with ‘Fin Talk’
Thai Military Bank (TMB) has responded to rising household debt during the Covid-19 crisis by educating people on how to best manage their borrowing. TMB has also set up a team of almost 100 advisers dedicated to solving customers’ debt problems.
Official figures show Thai household debt increased 3.9 per cent year on year in the first quarter of 2021 as incomes were hit by the virus crisis.
TMB’s CEO Piti Tantakasem noted that figures for last year showed at least 21 million Thais were in debt, not including those who owed money to loan sharks.
TMB Analytics found that 34 per cent of Thais owe money for expensive shopping products – the biggest source of debts in Thailand. In Singapore borrowing trends are topped by auto purchases (74 per cent) and in the UK by houses (84 per cent).
TMB held the online “Fin Talk by TMB Thanachart” on Wednesday to equip people with knowledge of how to handle their debts. Piti said the team of dedicated advisers would also be expanded if the number of TMB borrowers increased in the future.