The number of customers who failed to pay their credit card debt reached 2.8 million in the third quarter of this year, while the amount of credit card debt that Turks defaulted on increased by TL 465 million compared to the last quarter and totaled TL 5.76 billion, recent reports from the Banking Regulation and Supervision Agency (BDDK) and the Turkish Banks Association (TBB) have shown.
A prolonged drought this summer led to an increase in the prices of almost all food products and triggered a hike in inflation rates for three consecutive months. Even though a slight decrease in the consumer price index (CPI) was observed in September, it rose again in October. In parallel with these developments and consumers' reduced purchasing power, the volume of unpaid credit cards continued to rise in the third quarter. While the amount of credit card debt was TL 5.29 billion by the second quarter, it surged by TL 465 million and reached TL 5.76 billion in the third quarter. In addition, the total number of people who failed to their pay credit card debt reached 2.8 million in the same period.
Speaking to Today's Zaman, Mehmet Bülent Deniz, the chair of the Federation of Consumers Unions (TBF), stated that the federation has been warning consumers and the authorities about an explosion of bad loans and unpaid credit card debt in the country since June. Mentioning the banking law on bad loans, Deniz said banks are obliged to launch legal proceedings if consumers do not pay their balances within 90 days, adding that the recent figures are a result of the latest hikes in the price of electricity and gas and increasing inflation rates
A prolonged drought this summer led to an increase in the prices of almost all food products and triggered a hike in inflation rates for three consecutive months. Even though a slight decrease in the consumer price index (CPI) was observed in September, it rose again in October. In parallel with these developments and consumers' reduced purchasing power, the volume of unpaid credit cards continued to rise in the third quarter. While the amount of credit card debt was TL 5.29 billion by the second quarter, it surged by TL 465 million and reached TL 5.76 billion in the third quarter. In addition, the total number of people who failed to their pay credit card debt reached 2.8 million in the same period.
Speaking to Today's Zaman, Mehmet Bülent Deniz, the chair of the Federation of Consumers Unions (TBF), stated that the federation has been warning consumers and the authorities about an explosion of bad loans and unpaid credit card debt in the country since June. Mentioning the banking law on bad loans, Deniz said banks are obliged to launch legal proceedings if consumers do not pay their balances within 90 days, adding that the recent figures are a result of the latest hikes in the price of electricity and gas and increasing inflation rates
According to Fatih Macit, a professor of economics at İstanbul's Süleyman Şah University, the inflation rate that surpassed government expectations in recent months also played a crucial role in the upward trend in the volume of unpaid credit card debts. Macit said the government had estimated the inflation rate to be around 5 percent at the beginning of this year, adding that it recently revised the rate to 8.9 percent.
Underlining that the annual increase in the price of food products was 12.6 percent in October, Macit argued that these developments in the inflation rate yielded a considerable decrease in the purchasing power of consumers.
Today's Zaman, 10 Kasım 2014 http://www.todayszaman.com/business_28-mln-turks-in-default-on-credit-card-debt_364029.html
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