Thailand’s farmer debt crisis is deepening into a structural “debt trap,” with more than half of borrowers at risk of never fully repaying their loans, according to new research by the Puey Ungphakorn Institute for Economic Research (PIER). The study, based on a decade of data covering 3.97 million farmer debtors, found that rising debt levels and widespread “interest-only” repayment behavior are locking households into long-term financial distress, with broader implications for the agricultural sector and economic development.