There has been a 216% increase in unpaid credit cards across Turkey.

Citizens struggling to make ends meet have turned to credit cards and loans. Banks delivered the bad news to credit card users who are having difficulty making payments. Since the beginning of the year, defaulted credit cards have increased by more than 2 times, while defaulted personal loans have seen a 71% increase.

ENFORCEMENT PROCEEDINGS INCREASED BY 120%

There has been a 120% increase in individual loan and credit card debts subject to enforcement proceedings by banks since the beginning of the year, amounting to an increase of 54 billion lira. Consumers' debts to banks have increased by approximately 35% compared to the end of 2023, totaling 959 billion lira. During this period, the balance of personal loans increased by 404 billion lira, while the credit card debt balance rose by 555 billion lira.

ALARMING INCREASE IN DEFAULTED LOANS

Since the beginning of the year, there has been a 216% increase in defaulted credit card debts and a 71% increase in defaulted personal loan debts.

The high interest rates and inflation are making it difficult for citizens whose incomes have not increased sufficiently to repay their debts. Citizens are increasingly entering a new debt crisis. Half of the salaried workers are earning minimum wage or around that, while the figures that the economic management keeps on the table as raises are far behind the rate of increase in debts.