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Up to 1 Million People Not Able to Pay Credit Card Debt

According to information from the Turkish Banks Association, 55 percent in 2013 year-over-year 1 million people were unable to pay their debt on credit cards only. In 2012, the number of unpaid debts increased by 228,000 and 155,000 were just credit card debts alone.  Also in 2013, statistics from Turkey’s Interbank Card Center indicated that the amount of credit card purchases totaled up to 409 billion. However, credit cards are not the only debt people seem to be struggling with in fact, 15 percent of those spending where from food markets. While gas was 11 percent, clothing and electronics had a sum of 8 percent.

What about the other critical debts?  Yes like the mortgages, auto loans, and personal loans. From 2012 through the year of 2013, the number of people who were incapable of paying their vehicle, home, and personal loans raised from 308,000 to 464,000.

Measurements will be taken soon this month to prevent and reduce credit card spending. Once this becomes effective it will include the government to limit and eliminate the installment option for some purchases.

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