Re the daily interest, I had similar discussions recently. When digging into the detail, the rate was actually 20% per month. Regardless, eye-watering and not sustainable. Fortunately, the couple are now both working again and it was purely a lack of savings that was the problem, rather than other issues.I just heard about a taxi driver relo in Bangkok who is unable to make enough to keep up on taxi car payments. He's already borrowed heavily against land in Surin and has now borrowed from Indian loan sharks .... At 20% daily interest. And I thought the old 10% monthly rate was high!
Similarly, many gamblers lose their land or other assets this way, not directly via the card games.
As covid drags on and 10 million or more workers have no recourse to legit borrowing, either loan sharks or crime will become rampant.