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BOT mulls refinance programme for credit card debtors

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BOT mulls refinance programme for credit card debtors

By THE NATION

 

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Chantavarn Sucharitakul

 

The Bank of Thailand (BOT) is considering a refinance programme for credit card debtors with credible payment history, assistant governor of communications and corporate relations Chantavarn Sucharitakul said.

 

“BOT has taken note of the problem faced by those credit card debtors’ during its Debt Clinic, and decided to help them via market mechanisms,” she explained. “The programme is being discussed. It will possibly take some time before clear guidelines are created and BOT can proceed.”

 

The refinance programme aims to help debtors by reducing their interest rates from 18 to 28 per cent to 7 to 12 per cent.

 

BOT specified that those who can avail of the refinance must not be over seventy years of age on the day the contract ends.

 

There will be a fixed installment throughout the contract, with an installment period of 1 to 4 years and a financial limit of Bt100,000 per person.

 

Those interested in the programme must agree to undergo checks by the National Credit Bureau every month.

 

Source: https://www.nationthailand.com/news/30379271

 

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-- © Copyright The Nation Thailand 2019-12-10

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14 hours ago, snoop1130 said:

The refinance programme aims to help debtors by reducing their interest rates from 18 to 28 per cent to 7 to 12 per cent.

Seems a good idea - Don't pay all your debt and wait for a cheaper rate

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More help for those that have gotten themselves into debt,

While people who are canny with their money,try and save,

are seeing their money in Banks evaporate due to interest

rates lower than inflation,real inflation not what the Government

says it is.

Regards Worgeordie

 

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Or max out your card on some new Nike trainers and run like hell 🤔

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" refinancing programme for Credit Card Debtors with a credible payment history ".

Precisely the reason the got into debt, was the fact that they do not have a credible payment history.

The mind boggles

 

 

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