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Showing posts with label credit cards. Show all posts
Showing posts with label credit cards. Show all posts

2008/10/30

Monthly Bailout

On average, each month contains 30 days. According to any estimate, Bangkok harbors millions of men and women attaching their lives to their monthly pay. I can’t help but wonder how many days in a month an average Joe is allowed to feel “affluent.” Also, I’m curious about how many of those can spend relatively freely for more than a few days in that month.

As far as I have seen, there are not too many days or too many people, which doesn’t come as a big surprise. Just ask any big city about the subjects who roam her streets on a daily basis.

But one thing that I know for sure is that when the ordinary people of the City of Angels rejoice over their payday, they do it in unison.

The starting monthly wage for college graduates holding a bachelor’s degree is an average of THB 12,000 (approx USD 350 or Euro 266.) (side note: minimum salary to have a regular credit card approved is THB 15,000 (approx USD 440 or Euro 330.)) Almost all monthly salaries in Bangkok come wired to a person’s bank account at month’s end. Pay day, hurray!!!!!

That is when it all happens.

There are a few reasons why a celebration en mass happens across the city. First of all, many young workers, esp. those leaving their parents behind in the provinces, get to take pride in sending a portion of their income home in support of the elders. This is on top of the Social Security Fund introduced some 15 years ago, a program that has been in place longer than most people can remember.

What is left after the above mentioned ‘gratitude’ tax is for city necessities. Rent (approx 4,000 - 5,000 Baht/month for a basic studio &, if you as a Bangkok native don't live w/ your parents anymore, which is increasingly common,) food, clothes, CELL PHONE BILL, and OTHER SOCIAL TAXES. Month end seems to be the only time of any month when most people can flirt w/ luxury, whatever that means individually. The best pay day is the one that falls on the Friday preceding the last weekend of a month. Call it Mad Friday if you will.

Vendor stalls that form part of canteen tents welcome administrative and secretarial staff who otherwise would only gobble up a 25-Baht meal in the food section and then head back to work. This day of the month sings a much more pleasurable tune. This day also sees office maids brandishing their 100-Baht bill at the vending section of the tent as well. But, higher earners from the same company go far beyond the tents.

After work these folks congregate with friends and lovers and flock to malls, restaurants, movie houses, bars, and concerts. It is so typical of department stores and retail shops to be flaunting discounts of 50-80% at midnight sales or clearance discounts over the last weekend of the month. This is when Bangkok is at her commercial peak. The traffic is beyond ludicrous, the sidewalks congested, taxi drivers happiest, night scenes the most flamboyant and of course spenders the most reckless. The entire city becomes a kite, flying high on ecstasy.


Euphoria is rampant.

After the happy pill makes you go up, it will eventually take you down. This very same law of gravity applies w/ Bangkok's spree as well. Taxi drivers told me they make good money from the 25th of any month until around the 10th of the next. Between then is not their favorite period. Also, I've never seen any out-of-this-world campaign to boost earnings by any establishment in the middle of a month. The hyper metropolis becomes sober for a while. Then, another pill is popped and the gorgeous numbness kicks in again.

Speaking of public spending, I can't help but be reminded of the financial gloom merrily spun by the world’s media at the moment. In Thailand's case, our central bank keeps assuring us we are just fine. For one thing, they say, non-performing loan accounts for only 4% of the total assets by all commercials banks in the country.

So, fine it is.

Travelers usually ask what time of the year is best to visit a place blah blah blah. Now, it’s not exclusively about which time of year anymore, is it? Come see right through most Bangkokians at a month's end or otherwise. Just pick a schedule you fantasize.

Oooh tomorrow is Friday, the 31st of October. What Chilean wine should I get for dinner? Should it be Merlot, Cabernet Sauvignon, or, Syrah? Oooh, can't wait! (side note: I'd rather use cash on "luxurious" items ‘cause I absolutely detest receiving a credit card statement from some heartless bank that demands at least a thousand Baht as the minimum payment.)

Struggling Joe

2008/09/27

Don’t come to Thailand!

No no, not because this country isn’t safe anymore. Anyone still remember the clash between the anti- and pro-government groups here in Bangkok? When did that happen again?


Months ago “subprime” used to be on everybody’s lip. At this hour, it is all about “bailout.” Whether it will work out or not is a matter for the future. My best wishes for ordinary people whose life savings are in danger!

The media said there are 3 banks in Thailand that are feeling the effects from the collapse of these American giants. I’m sure they will remember this for a long time.

Well, what else would have happened when our world’s economies are growth-driven? What else could we have become when we rely on the public to keep spending? So, let me chip in my part by saying

“Don’t come to Thailand if it will you land you w/ a liability for many months to come.”

“Don’t fly across the sky even though your credit limit can totally accommodate it.”

“Don’t let your Bangkok dream come true until your pocket is proportionately deep.”

“This exotic, exciting city will be here when the sun is shining again.”

“The trip wouldn’t be such a blast, would it, when that voice in your mind keeps reminding you of the looming frugality you’ll have to endure later, which could have been diverted.”

“So, don’t even think about coming to Bangkok unless you have the means to.”

“Look at what’s happening to the world’s economies. Isn’t it coming from us spending beyond our means?”

“Still, in the meantime, there’s no harm in taking a daily virtual tour of Bangkok through the internet, perhaps via this blog.”


Joe