Many people may be familiar with applying for loans that take weeks—submitting documents, waiting for approval, and finally receiving a card. But nowadays, you can get a credit limit by just tapping through an app. Some even get installment credit without applying for a loan first. Just a few clicks and you can easily acquire “debt.”
Today, it's so easy that people can start accumulating debt as soon as they turn 20. But how will this impact Thailand?
Dr. Latsamon Atthapich, CEO of the National Credit Bureau (NCB), told Thairath Money that Thai household debt in Q2 2026 rose to 13.67 trillion baht, a significant increase since the figure had been declining continuously since 2023. The first aspect to consider is "age," as younger people are now incurring debt much earlier. This may reflect that once young people start working, they immediately begin applying for loans, especially consumer loans or personal loans used for daily expenses. This contrasts with the past when people might get their first credit card or start incurring debt in their mid to late 20s. For larger loans like housing or car loans, applications are still generally seen at age 30 or older.
Therefore, as the debt "mountain" begins to lean toward younger people, combined with the rise of Buy Now Pay Later (BNPL) loans, even if the non-performing loan ratio may not be significantly increasing, and changes in borrowing behavior also contribute, the Bank of Thailand (BOT) has begun to increase regulatory oversight of BNPL loans. Dr. Latsamon further reflected that from a behavioral science perspective, different generations may have different views on “debt.” Older generations took longer to incur debt and had a mindset that debt was a burden to bear. Therefore, they would plan and consider necessity carefully before borrowing.
In contrast, nowadays debt has become a way of life and a payment option, because most people live on platforms. When offered 0% installment plans for three months, many think, “Why not use it?” since installments free up cash flow. Some also view credit use as spending future income, which is fine if they can pay on time.
However, incurring debt is not inherently bad. NCB believes we need ways to ensure people of all ages have financial literacy, understand debt, are aware when they are borrowing, and comprehend the consequences. For example, having a good payment history and a good credit score will bring rewards in life. Conversely, choosing to default will negatively affect future credit scores.
Thus, the concern is not only the level of debt among Thai people but also that some lack a financial identity within the credit information system, which may cause them to miss opportunities to build financial credibility and face limitations accessing formal credit when needed.
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