Bangkok: Suan Dusit Poll reveals that 62.19% of the public agree with Thaksin's debt purchase policy, believing that it will consolidate debt into one place, and 57.73% believe that this idea will help solve the debt problem of Thai people.
According to Thai News Agency, Suan Dusit Poll, Suan Dusit University, surveyed the opinions of only people with debt on the case of "Buying Debt...Solving Problems for the People" from a sample group of 1,153 people, surveyed between 18-21 March 2015.
In terms of what types of debt people have, it was found that 51.60 percent have debt in the system, financial institutions, banks, credit cards, followed by 29.75 percent have debt outside the system, informal loans, personal creditors, and 18.65 percent have debt both in the system and outside the system.
How do people manage their debts? 25.09 percent pay only the minimum payment each installment. 21.96 percent sometimes miss payments. 21.35 percent pay the full amount each installment.
When asked about opinions on the idea of Mr. Thaksin Shinawatra to buy people's debts out of the banking system, to repay them in installments with reduced burdens and clear the credit bureau without using government money, 62.19 percent agreed, reasoning that it would help consolidate all debts into one place, lower interest rates, and help people with debts feel more comfortable, less stressed, and have a better quality of life, without damaging their financial history. And 37.81 percent disagreed, reasoning that they were not sure about the transparency, there might be hidden benefits, and it would cause people to lack financial discipline and borrow more, which might become bad debts, affecting the country's finances in the future.
When asked whether the public thought that Thaksin's debt-buying concept would help solve the debt problems of Thais, 57.73 percent said it would help because it would help pay debts on time, reduce borrowing from informal lenders, and increase cash flow, leaving enough money to invest and generate more income. Meanwhile, 42.27 percent said it would not help because people lack discipline and may borrow more and not pay it back, hoping for the government to help. This would be difficult, and it would not solve the problem at its root. It would not end it by just changing the creditor. It would not help people who are in debt outside the system. They would still have debt.
When asked if using the method of buying this out of the banking system, what method do you think the government should use to solve the debt problem of Thai people? It was found that 67.45 percent adjusted the debt structure, such as extending the repayment period, reducing the installments, followed by 64.76 percent, reducing the cost of living, such as utility costs, travel costs, monthly living costs, and 61.37 percent, reducing the interest rate on loans.