Early morning joggers exercising around the lagoon near Rajabhat University in Phuket City spotted a motorcycle close to the water's edge and belongings nearby.
They alerted Phuket City police and the Kusoldharm Phuket Foundation.
Divers found the body of Dussanee Ngoiphuthorn, 28, in the water and brought her out after 10 minutes about 8am.
Neighbors near Khun Dussanee's beauty salon, My Mint, nearby in Samkong, said she was stressed by the rent of 4000 baht a month being overdue by a few days.
She was also three months behind with payment of electrical bills and had been told the power was going to be turned off, the neighbors said.
Close to the motorcycle police found a purse containing loose change, a comb, makeup and an ATM card. A pile of tissues, possibly used to wipe away tears, was nearby.
Neighbors told officers that Khun Dussanee was from Sokonnakorn province in Isaarn and had no family on Phuket.
Her body was taken to Vachira Phuket Hospital in Phuket City.
People feeling depressed or down should talk to family or friends or consult a doctor.