FINANCIAL MANAGEMENT STRATEGIES FOR REDUCING DEBT BURDEN AMONG FARMERS: A CASE STUDY OF NONG KHAI PROVINCIAL LAND REFORM OFFICE

Abstract

This study aims to (1) examine the debt situation of farmers in the Agricultural Land Reform Area of Nong Khai Province, and (2) analyze the causes of indebtedness and propose appropriate financial management strategies. A mixed-methods approach was employed, with quantitative data collected from 100 farmers selected through stratified random sampling and qualitative data obtained through in-depth interviews with nine finance and strategic planning officers. Quantitative data were analyzed using descriptive statistics, including frequency, percentage, mean, and standard deviation, while qualitative data were analyzed using content analysis. The findings revealed that most farmers rely on borrowing from multiple formal and informal sources, resulting in accumulated debt and increasing complexity in financial management. The major contributing factors include limited financial knowledge and skills, particularly in household accounting, expenditure planning, and debt prioritization. Although government support measures, such as low-interest loans and debt suspension programs, are available, most of these measures are short-term and lack continuous monitoring and evaluation. Based on these findings, the study proposes practical approaches to strengthen farmers’ debt management capacity, including improving financial planning skills, promoting supplementary income generation, and leveraging social networks for financial support. These recommendations may serve as a practical guide or strategic framework for the Nong Khai Provincial Land Reform Office in planning and managing farmers’ debt in collaboration with public financial institutions over the long term. Ultimately, these approaches are expected to reduce economic risks and enhance the long-term financial stability of farmers in the study area.