According to the Turkish Banks Association, in 2013 the number of people unable to pay credit card debts alone reached 1 million, a 55% year-over-year increase. In 2012, total unpaid debts rose by 228,000 cases, of which 155,000 were exclusively credit card debts.
That same year, Turkey’s Interbank Card Center (BKM) reported that the value of credit card purchases totaled 409 billion (local currency). Credit cards aren’t the only pressure point: of card spending, 15% went to supermarkets/food, 11% to fuel, and 8% combined to clothing and electronics.
What about other critical debts? Between 2012 and 2013, the number of people unable to pay mortgages, auto loans, and personal loans rose from 308,000 to 464,000.
Authorities plan measures this month to curb and reduce credit card spending. Once in effect, they would include limiting or eliminating installment options for certain purchases.
