Guidelines for Addressing Debt Burden Among Personnel in the Academic Division of Chulachomklao Royal Military Academy

Abstract

This research aimed to study the debt burden and the factors contributing to debt and propose strategies to alleviate the debt burden among personnel in the Academic Division of the Chulachomklao Royal Military Academy (CRMA). A mixed-methods approach was employed with 256 personnel from the Academic Division for the 2023 academic year. Quantitative data were collected using a questionnaire to analyze debt levels and contributing factors. The qualitative phase focused on developing solutions, drawing insights from key informants, including Academic Division personnel, the Deputy Manager of CRMA’s Savings Cooperative, and a Senior Director from TMBThanachart Bank Public Company Limited. In-depth interviews were conducted, and data were analyzed using descriptive statistics, inferential statistics, and content analysis. Hypotheses were tested using logistic regression with Chi-square statistics, odds ratio (OR), and a 95% confidence interval (CI). Findings: The study found that 69.10% of personnel in the Academic Division had outstanding debt, with 19.10% carrying debts exceeding 1 million baht. The primary cause of debt was borrowing for household expenses. Factors contributing to the debt burden included the desire for self-development, academic aspirations, and expenditures on goods and services. Proposed solutions for managing debt were categorized into three approaches, consistent with the study’s results: 1) Self-Managed Solutions: Establishing financial discipline guided by the principles of the Sufficiency Economy Philosophy. 2) Cooperative-Managed Solutions: Improving the Savings Cooperative’s loan and reserve-fund systems to provide lower-interest credit. 3) Institutionally-Supported Solutions: Setting up debt relief clinics to provide personalized debt management counselling and financial planning education.