NESDC pointed out that auto loans made up the biggest tranche of NPLs in the first quarter of this year, expanding 30.3% year on year, the highest level in 14 quarters.
The council said some 95,000 vehicles are at risk of being repossessed as their buyers, most of whom are under 30, have started to default on repayment.
To tame the rising NPLs in household debts, NESDC advised the Bank of Thailand and related authorities to monitor the loan provisions of financial institutes and ensure that they comply with the laws and responsible financial practices.
It also advised the National Credit Bureau to exempt application fees to attract membership of loan providers so as to gain actual statistics on Thais’ household debts.
Lastly, the council advised teaching financial literacy to Thais of all ages covering key topics such as financial planning, investment, and saving.
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