UTCC survey shows average Thai household debt at a multi-year high
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Key points
- UTCC survey (1,720 respondents): average household debt of THB 794,945 (up 7.3% from THB 740,597 a year earlier; highest in 17 years)
- Formal borrowing 77.2%, informal 22.8%; 67.5% reported late payment or default in the past year
- Household debt was 85.9% of GDP in Q1 2026; UTCC expects about 84% by year-end
Implications
Facts
Survey: in a survey of 1,720 respondents conducted by the University of the Thai Chamber of Commerce (UTCC) on 7–13 September 2026, average debt per household was THB 794,945 1 (up 7.3% from THB 740,597 a year earlier; highest in 17 years). Formal financial institutions accounted for 77.2% of debt and informal sources 22.8%. Of respondents with debt, 67.5% had experienced late payment or default in the past twelve months. The average monthly repayment was THB 21,935 (up 8.11% y/y). Source: The Nation (2026-09-17).
Macro: household debt was 85.9% of GDP in Q1 2026 2, with outstanding debt of THB 16.4 trn. Under its base-case growth scenario, UTCC expects the ratio to fall to about 84% in Q4. Sources: The Nation (as above); Thai Examiner (2026-09-24).
Analysis
The UTCC survey is a sample survey and differs in nature from central bank household debt statistics. The debt-to-GDP ratio (85.9%, with about 84% expected) shows gradual improvement, while average debt per indebted household rose up 7.3% from THB 740,597 a year earlier; highest in 17 years and repayments rose too. Improvement in the macro ratio coexists with a heavier burden on indebted households.
By comparison, Vietnam's bank credit is 145% of GDP (end-2025, ADB), larger overall once corporate credit is included; ADB's assessment differs in that Thailand's debt is skewed towards households and weighs on consumption (ADB notes shrinking consumer lending and household debt restraining consumption in Thailand).
Counterpoints and uncertainties
The survey covers 1,720 respondents; the sampling method and representativeness cannot be confirmed from the article, and results may not represent all households nationwide. The 67.5% figure is self-reported and does not indicate severity. Central bank statistics show household debt to GDP trending down, so this is not grounds to conclude deterioration.
Key figures
- Average debt per household (UTCC survey): THB 794,945 (up 7.3% from THB 740,597 a year earlier; highest in 17 years). Average household debt among survey respondents. Survey respondents. Basis date: 13 Sep 2026. Source: The Nation: Thai household debt nears THB800,000, highest in 17 years (2026-09-17)
- Household debt to GDP: 85.9% (86.7% in Q4 2025 (revised)). Household debt outstanding / GDP. All lenders to households. Basis date: 31 Mar 2026. Source: Bank of Thailand, EC_MB_039_S3 Loans to Household (updated 2026-06-30)
Preliminary. Loan classification revised from Sep 2025 (backdated to Sep 2024). BIS series: 86.7%.
Sources
- The Nation: Thai household debt nears THB800,000, highest in 17 years (2026-09-17)
- ADB: Developing Southeast Asia, Asian Development Outlook September 2026 (2026-09-23)primary
- Thai Examiner: Former Justice Minister hails major bankruptcy reform which could help reduce the household debt burden (2026-09-24)
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A Japanese version of this article is available: 日本語版