Thai Household Debt Projected to Hit Record High in 2026

The University of the Thai Chamber of Commerce has revealed that Thai household debt for 2026 is projected to break records of 17 years, with average debt reaching nearly 800,000 baht per household. Thanavath Phonvichai, president and chief advisor to the Center for Economic and Business Forecasting, stated that 91.8% of surveyed samples carry debt, averaging 794,945.49 baht, which is a 7.3% increase from 2025 and the highest level since surveys began in 2009. Households now face average monthly debt payments of 21,935.31 baht. The primary drivers of this debt surge are structural issues involving insufficient income to cover expenses, high living costs, unexpected emergencies, and business investments. Credit card debt ranks highest at 55.1%, followed by personal consumption loans at 45.8%, vehicle loans at 41.9%, business loans at 33.6%, housing loans at 27.2%, and Buy Now Pay Later services at 14.2%. Total Thai household debt is estimated to reach between 16.5 and 16.6 trillion baht by the end of 2026. While the debt-to-GDP ratio may decline to approximately 84%, this reduction stems from financial institutions exercising tighter lending caution rather than an easing of financial pressure on vulnerable households. Experts emphasize the urgent need to address structural challenges, including wage restructuring, comprehensive debt data systems, stricter regulation of financial advertising, and long-term savings promotion.