An Integrative Model of Factors Influencing Debt Burden: A Mediating Role of Money Management in Thai Society

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Issara Suwanragsa
Pallapa Srivalosakul
Noppon Tangjitprom


The objective of the present study is to identify factors influencing debt burden of Thais. By integrating theories from various disciplines, the present study contends that debt burden is determined by economic factors (i.e. income and number of credit card), demographic factors (i.e. age, education, and number of children), and socio-psychological factors (i.e. material values). It is proposed that the effects of these factors on debt burden may not be the direct ones. They may be mediated by money management practices. These factors may facilitate people in managing money, resulting in lower debt burden. Results from the questionnaire survey on respondents of working ages in Bangkok indicated that number of credit card and age directly affected debt burden. People of working age who hold more number of credit cards tended to use more credit, hence, had more debt burden. In addition, disposable income, education, and personal’s material values were found to indirectly influenced debt burden - they were mediated by money management practices. People, who had high income, high education, and low materialism, manage their money better, resulting in lower debt burden. Results from the present study provide policy implementation in reducing Thais’ debt burden. Limiting number of credit cards held by individuals may be an effective policy to reduce debt. Increasing income or education may be necessary but not sufficient to decrease debt burden. Training or financial counseling on how to manage cash, credit, saving and investment should be provided in order to reduce debt burden.


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Suwanragsa, I. ., Srivalosakul, P. ., & Tangjitprom, N. . (2018). An Integrative Model of Factors Influencing Debt Burden: A Mediating Role of Money Management in Thai Society. MFU Connexion: Journal of Humanities and Social Sciences, 7(2), 223–250. Retrieved from
Research article


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