UTCC survey shows average Thai household debt at a multi-year high

Published 28 Sep 2026Data as of 17 Sep 2026ThailandMacro & householdsUnsecured

Correction: Survey author (UTCC) named in the headline and the sample-survey nature reflected in the 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

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).

Implications

ExecutivesGiven informal borrowing of around 22.8% that does not appear in credit bureau data, underwriting should include self-declared liabilities and household cash-flow checks.

InvestorsInvestors should not read improvement in the debt-to-GDP ratio as recovery in household repayment capacity, and should also watch repayment growth and the share of borrowers reporting arrears.

OperatorsProducts refinancing high-cost informal debt into formal loans merit testing from both a financial-inclusion and a credit-risk perspective.

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.

Figures: see definitions

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%
BOT household debt statistics not obtained directly; as reported.
. Household debt outstanding / GDP. Households. Basis date: 31 Mar 2026. Source: The Nation: Thai household debt nears THB800,000, highest in 17 years (2026-09-17)

Sources

Reports are for information only and are not investment advice. Methodology: sources, verification and definitions