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The Banking Regulation and Supervision Agency has made an important decision regarding the restructuring of credit card debts and personal loans. With this decision, those who are unable to pay their credit card debt or personal loan will have the opportunity to restructure their debts with a term of up to 60 months.
HOW WILL THE RESTRUCTURING BE DONE?
The Central Bank of the Republic of Turkey (CBRT) and the Banking Regulation and Supervision Agency (BRSA) have taken coordinated steps regarding individual credit cards. The amendment to the Communiqué on Maximum Interest Rates Applicable to Credit Card Transactions was published in the Official Gazette. The BRSA's board decision on the matter was also published on its website. Accordingly, individual credit card debts can be restructured for up to 60 months. Those who cannot pay the minimum amount of the period debt will be able to pay their existing credit card debt balances in installments of up to 60 months. The installment amount due each month will be added to the minimum payment amount for that month.
WILL CREDIT CARD USAGE CONTINUE?
According to a report on NTV; the use of the balance remaining outside the restructured amount on the credit card will continue. For example, if 50,000 lira of a 100,000 lira debt is restructured, cardholders will be able to use the remaining 50,000 lira portion. The credit card limit at the relevant bank cannot be increased until at least half of the restructured debt is paid.
WHAT WILL THE INTEREST RATE BE?
The interest rate to be used in the restructuring of individual credit cards will be 3.11%. When determining the interest rate for restructuring, the Central Bank's reference interest rate will be taken into account.
WHAT WILL BE THE PAYMENT FOR 50,000 TL?
For example, if a 50,000 lira debt is paid in installments over 12 months, the total repayment will reach 64,000 lira. The monthly installment amount will be 5,340 lira. If the 50,000 lira debt is paid in installments over 60 months, the total payment will reach 133,000 lira. The monthly installment will be added to the minimum payment amount as 2,228 lira.
(This calculation does not take into account whether banks will charge fees, as this is unknown. Additionally, banks may apply lower interest rates through various campaigns.)
HOW WILL PERSONAL LOANS BE RESTRUCTURED?
Debts that have not had principal and interest payments made for more than 30 days can be restructured in personal loans. In this case, debts can be restructured for up to 60 months without additional credit. The debtor will need to apply for restructuring within 1 year. The interest rate for restructuring loans will also be 3.11%.
WHAT IS THE MINIMUM PAYMENT RATE FOR CREDIT CARDS?
Changes have been made to the minimum payment amounts for credit cards. The limit amount for the minimum payment rate, which is 20% of the period debt, has been increased from 25,000 lira to 50,000 lira. For credit cards with debts of 50,000 lira and below, the minimum payment rate is 20% of the period debt. For period debts of 50,000 lira and above, the minimum payment amount will be applied as 40%.
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