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The government is speeding up its effort to resolve the household debt problem and improve the quality of life of low-income earners.
According to Prime Minister Gen Prayut Chan-o-cha, seven million low-income earners have already registered with the government; 70% of them are farmers, freelancers, and blue-collar workers whose annual incomes are below 40,000 baht. 20% of them have informal debts averaging 65,000 baht per person.
Compared to their incomes, he said a 65,000-baht debt is impossible to pay out, prompting the government to initiate an assistance program which allows borrowers of informal debt to access formal low-interest loans. Furthermore, the program educates debtors about finances and money management, provides skills training to low-income earners, and establishes a community network for financial management.
The network will be trained and sponsored by the Government Savings Bank and the Bank for Agriculture and Agricultural Cooperatives.
Lastly, he said the program makes for a stronger community and financial stability in the community.