Half of the country is paying off its loan debt! Expenditures exceeded 3 trillion – Last Minute Economic News
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In the face of high inflation and falling purchasing power, citizens turned to more debt and loans to make ends meet.
According to the Banking Regulation and Supervision Agency (BDDK) data, the total amount of consumer loans and loan expenditures increased by 67.6 percent in one year.
The total of consumer loans and individual credit card expenditures increased to 3 trillion 100 million liras as of the end of March 2024. This figure was at the level of 1 trillion 849 billion lira in March 2023.
According to the data, while the total amount of consumer loans reached 1 trillion 623 billion liras, the share of consumer loans reached 1 billion 86 million liras. In the same period of 2023, this figure was around 815 billion lira.
MORE THAN DOUBLED
The amount of vehicle and housing loans also reached the ceiling.
While vehicle loans increased from 64 billion lira to 92.7 billion lira in one year, the amount of housing loans increased from 391 billion lira to 444 billion lira.
Personal credit card spending has also more than doubled.
While the total amount of individual credit card expenditures increased from 577 billion lira to 1 trillion 376 billion lira, 593 billion lira of these expenditures consisted of installment shopping and 783 billion lira of non-installment shopping.
REACHED 40 MILLION
According to the data of the Banks Association of Turkey Risk Center, as of January 2024, the number of people using personal loans (excluding loans under follow-up) increased by 2 million people in the last year and reached 40 million people, while the average loan balance was 71 thousand TL.
In January, 173 thousand people used credit cards for the first time and 170 thousand people used consumer loans for the first time.
The number of people who were subjected to legal proceedings due to personal loan or credit card debt was 194 thousand.
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