Poor Thais trapped in informal debt
- Published: 18 Dec 2012 at 16.28
- Online news:
The very many Thais who earn less than 10,000 per month, in both industry and in rural areas, are trapped in a cycle of usury debt and exhorbitant interest rates demanded by loan sharks, a university economist warned on Tuesday.
Narong Phetprasert, an associate professor of economics at Chulalongkorn University, said the problem of informal debt had moved up demographically, from farmers in rural areas to factory workers in the cities across the country.
About 14 million of the approximately 17 million daily wage workers in Thailand were in the private sector, he said, and 8-9 million of them earn only 8,000-9,000 baht per month, which is insufficient to meet today's high cost of living and raise their families.
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