Economy in Turkey: Credit card debts getting out of control! New decision from the BRSA

Citizens’ credit card debts have reached record levels. Individual credit card debts have increased by 157% compared to last year, reaching 1.2 trillion TL, and the Banking Regulation and Supervision Agency (BRSA) has made a decision regarding this situation.

According to the Banking Regulation and Supervision Agency (BRSA) data, the individual credit card volume, which was 462 billion 866 million lira in the week of January 13, 2023, increased by 157.63% to 1 trillion 192 billion lira in the week of January 12, 2024.

This increase represents an approximately 729 billion lira volume increase. Bankers are warning that measures need to be taken against the rapid increase and anticipate restrictions on interest, limits, or installments for credit cards.