Reform lending laws
Re: "Buy now, bankrupt later", (Business, Sept 1). Little is ever said about the so-called many (often SET-listed) prolific finance companies here, which charge very high interest rates, levy late fees very quickly, and impose other strict rules that are often, may we say, not very consumer-finance friendly.
Thai consumer usury laws surely should be reformed, brought on by the new Bank of Thailand governor. Better, fairer usury laws would protect consumers by governing the interest charged and other obscure rules on all consumer-related loans.
Paul A Renaud
Phone-pay fumbles
Re: "Digital shackles", (PostBag, Aug 30).
Fireman Sam complains about wasting time behind people paying via their phones. Well, he has been lucky to have never been caught behind someone at a payment till fumbling around in their pocket or handbag for their wallet/purse, then fumbling around whilst they count out banknotes, then fumbling around again whilst they bring out their loose coinage to count out!
Personally, when paying by phone, I always make a point of opening the bank app on my phone and going to the scan page on the app before I go to the payment till, so as to be ready to present it to the cashier as soon as they bring up the QR code on their payment terminal.
Paying this way also avoids the handling of banknotes and coins, which can harbor a wide variety of germs, including bacteria, fungi, and viruses, making them potential vectors for disease transmission.
But I have to agree with Sam, who raised an important point about governments that have the ability to "pull the plug" on your bank account. I have been using my phone for payment for about nine months or so and find it very convenient, though there is of course the risk that if the payment systems go down, eg, in an outage, then so does your ability to make payment this way so it's advisable to always have some spare cash in your wallet/purse as a backup, not only for an outage but also to cover yourself if your government decides to shut you down.
Peter Atkinson
Opportunities lacking
Re: "Retirement at 45 shocks Thais", (BP, Sept 1).
The article says, "Traditionally, retirement in Thailand has been reserved for older workers". Well, knock me down with a feather, whatever next?
It goes on to suggest that the advent of digitalisation will expedite the headcount, but of course, a similar scenario happened well over 200 years ago, back in my home country.
The Industrial Revolution created jobs, as will this modern version, but I have to admit that, where I live in rural Thailand, sadly, early retirement seems to start at 16.
I don't see many opportunities for the kids here, and no way will they follow in the footsteps of their seniors toiling on the land.
Which leaves the only other option. Get yourself a video camcorder and let everyone know how it is.
Ian Dann
