Three state banks will offer to refinance up to 300,000 baht in credit-card debt per person under a 10-billion-baht financial assistance programme.
Krung Thai Bank, the Government Savings Bank and the Islamic Bank of Thailand will offer annual interest rates of just 10% for refinanced debt, or half the rate normally charged for credit card customers.Finance Minister Korn Chatikavanij said the programme would start next month and run until August.
"We have set a budget right now of 10 billion baht for the programme, but this can be expanded if necessary," he said.
One key condition is only current customers with clean credit histories are eligible for the programme. Participants will also be restricted from taking out new credit card debt for one year after entering the refinancing programme.
State banks are looking to potentially expand the programme to cover non-bank cash cards, a popular personal finance product that carries interest rates as high as 28% per year.
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