Thai officials vow to solve household debt problem at Phuket event

Thai officials held a ‘Household Debt Reconciliation Fair’ in Phuket yesterday. At the event, Thailand’s Minister of Justice Somsak Thepsutin said the government has designated 2022 as the “Year of Solving Household Debt”. He said that 2,810 people had registered for the event.

Somsak said that several government departments have organised events to “facilitate the mediation process of household debts throughout the country”. He added that Phuket now has 5 People’s Dispute Mediation Centers, which aim to “help reduce the number of cases that will go to court.”

This news comes after a survey by the University of the Thai Chamber of Commerce says the average debt of each worker’s household in Thailand is 217,000 baht this year. This is a 14 year high for Thailand. At the end of 2021, the country’s overall household debt was 14.6 trillion baht, one of the…