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Friday, December 8, 2023

Chart Pattana Kla Party Proposes Credit Sorting to Help With Debt

The Chart Pattana Kla Party is proposing a ‘Credit Sorting’ method to handle Thailand’s persistent debt problems.

Korn Chatikavanij, Chart Pattana Kla party head, made the recommendation while arguing that it is more productive to abolish National Credit Bureau Company Limited’s ‘blacklist’ system.

He also stated that more Thais are in debt than ever before, especially given the present economic context with rising living expenditures aggravated by the epidemic.

Korn stated that the ‘Credit Sorting’ system will assess each individual’s financial situation based on actual relevant data. Utility expenses, cell phone bills, and other financial responsibilities, including loans, are included in the data. He said that the Credit Sorting system will keep borrowers away from illegitimate loan suppliers.

Korn went on to say that implementing the new method and eliminating the blacklist system is a possible solution to manage the debt problem without requiring a budget or destroying the National Credit Bureau.

According to the party, 5.5 million persons are presently blacklisted, with 3.2 million of them receiving the designation during the peak of the pandemic.

Korn claims that eliminating the blacklist system will allow banks to issue more loans at lesser prices and with greater impartiality.

Author: kanyapat

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