Thaksin proposes buying citizens' debt and clearing credit history
Former Prime Minister Thaksin Shinawatra discussed this topic during a lecture on "The Masses' Experience of Fighting for Democracy" at Phitsanulok University on March 17, 2025.
One part of his speech mentioned, "I discussed with Prime Minister Paetongtarn Shinawatra how to eliminate Thai people's debts, as household debt has become overwhelming. We came up with an idea, though we haven't said yet whether it can be done. The idea is to buy all the people's debts out of the banking system and allow them to gradually pay it off. Without having to repay in full, we will help them start a new life by removing their names from the Credit Bureau, allowing them to be free of debt and start fresh. This process would not require any government funds because private investment could be used."
"Today, the government must find ways to inject liquidity into the economy, which is not the government's responsibility, but it is necessary for the government to do so. It is essential to relieve the burden on the people so they can continue to make a living and create new opportunities for them. Opportunities come and go, and if you don’t grab them, you might miss them because of overwhelming debt. We must let go of the debt and board the train of opportunity."
Additionally, Thaksin asked for more time for this government to continue working, possibly for one more term. The Pheu Thai Party will solve the problems for the people, and at least in the next two years, things will certainly ease.
He emphasized that the Pheu Thai government can handle everything, but time has been stretched due to changing circumstances.
" Regarding the digital wallet, soon people will understand it better. At the time, they said no borrowing would be needed because it was believed that no one would interfere with management. The plan was to issue a coin and let the public use it simultaneously, allowing the coin to circulate within the system. The government would then gradually set a compensation budget, and at the same time, the economy would improve, VAT would be collected, and the debt would pay for itself, Thaksin said " However, the Bank of Thailand intervened, saying money was required, and a budget had to be set. In the end, the plan didn’t work as expected, but they tried to adjust and make it work."
" The digital wallet technology will soon be like the 30-baht universal healthcare program. It will be your wallet, and you will receive funds in it through various methods. This digital wallet will stay with you for your entire life, and you'll realize that it is truly the Pheu Thai Party's good intention," he said.
