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BOT Helps Small Debtors Affected by COVID-19


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BANGKOK, May 14 (TNA) – The Bank of Thailand issued the third phase of its aid for small debtors in trouble with COVID-19 covering extended repayment periods, debt moratoriums, interest reduction and debt consolidation. It will start on May 17.

 

Ronadol Numnonda, BOT deputy governor for financial institutions stability, said BOT together with financial service providers under eight associations and clubs were helping small debtors and the third phase of aid covered four types of debts.

 

For credit card debts and personal loans, assistance focuses on extended repayment periods and lower interest rates.

 

Full Story: https://tna.mcot.net/english-news/line-today-english-news-696622

 

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-- © Copyright TNA 2021-05-14
 
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Banks are smart and don't lose ! extend persons debt payment ! more money for the bank ! lower interest rates that would only be on ridiculous high interest credit card debt but not by much and they talk about loan sharks !

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This merely defers the demise of these businesses, because there is no short or medium term possibility of business levels improving especially for those that are tourism dependant and related. 

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"For credit card debts and personal loans, assistance focuses on extended repayment periods and lower interest rates."

 

How about outlawing outlandish credit card interest rates outright? What Thai credit card issuers have been allowed to charge is outrageous. There's a special place in hell for usurers! 

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Posted (edited)

They should also cap the amount that people can borrow.  I can just see -people saying ok do not have to make payment i borrow more then when this is all over they are going to get killed.

 

The people that are in trouble though are the ones that did not get loans from the bank but from the local guy 

 

Edited by kingstonkid
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I'm a 'small debtor' (zero debt except for my monthly netflix, rent and food) Then again, there are the Thai women I'm supporting) so I wonder if I'm eligible.

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