The new era for credit card and loan debts begins on November 1st.

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The Central Bank of the Republic of Turkey (CBRT) and the Banking Regulation and Supervision Agency (BRSA) have jointly decided to provide an opportunity for restructuring credit card and personal loan debts.

According to a report by Sabah newspaper, public banks such as Ziraat Bank, Vakıfbank, and Halkbank have already started the restructuring process. So far, the total amount of debt restructured through public banks has exceeded 1.5 billion TL. Among private banks, İş Bank and Akbank have also joined this process and initiated restructuring operations.

With the decision taken by the BRSA, citizens who are unable to pay their individual credit card and personal loan debts will have the opportunity to restructure their debts for up to 60 months. Especially individual credit card holders who cannot meet the minimum payment amount will be able to pay their existing debt balances in installments during this period. The Central Bank aims to facilitate consumer payments by limiting the maximum interest rate to be applied to individual credit card debts to the reference interest rate of 3.11%.

WILL COME INTO EFFECT ON NOVEMBER 1

In line with the steps taken by the BRSA, the Central Bank will differentiate the maximum interest rates to be applied to credit cards based on the size of the debt. These rates, which will be announced on October 24, will come into effect on November 1. If the current reference rate is maintained, an interest rate of 3.50% will be applied for credit cards with a period debt of less than 25,000 TL, 4.25% for debts between 25,000 TL and 150,000 TL, and 4.75% for those exceeding 150,000 TL.

For personal loan debts, restructuring can be done for up to 60 months without additional credit for payments that are more than 30 days overdue. However, to benefit from this opportunity, debtors must apply within one year.

The maximum interest rate for cash withdrawals and usage on credit cards has been set at 5%.

WHAT ARE THE RESTRUCTURING CONDITIONS?

According to the decision made by the BRSA, citizens who are unable to pay their credit card and loan debts will be offered the opportunity to pay in installments for up to 60 months. Those who cannot pay the minimum amount of the period debt will have their monthly installments added to the minimum payment amount when they restructure their entire debt. Additionally, the credit card limit cannot be increased until half of the restructured debt is paid. Those who fall into 30 days of delay for personal loan debts will also be able to benefit from this restructuring opportunity. However, it should be noted that applications must be made within one year.