Thailand’s struggle with high household debt and political promises

Kavita Wongyakasem, a 48-year-old business owner in Bangkok, struggles daily to keep her household afloat. Running a company that provides services for a major energy firm, she owns a house in Nonthaburi, drives a pickup truck, and sends her two daughters to good schools. But beneath the surface, she is eight million baht in debt and lacks any cash savings.

“Every minute, I think about it,” Wongyakasem admits, tearing up as she speaks. This personal story is reflective of a broader problem in Thailand. The country has one of the highest household debt to Gross Domestic Product (GDP) levels in Asia, surpassed only by South Korea and Hong Kong according to the Bank for International Settlements. A staggering one in three Thais are trapped in debt.

Addressing the issue has become a focal point for the May 14 general election, with all major parties promising wage increases, debt…