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FINANCE > Credit cards double to 68 million in 4 years

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The least number of credit cards in Turkey can be found in the eastern province of Tunceli, with 719 items, and the Black Sea province of Bayburt, with 796. Hürriyet photo

The least number of credit cards in Turkey can be found in the eastern province of Tunceli, with 719 items, and the Black Sea province of Bayburt, with 796. Hürriyet photo

As the central government struggles to cut the loan volumes of banks, the number of credit cards used by individuals has more than doubled in the last four years, according to data gathered by the BDDK, the country’s banking regulator.

There are more than 68.1 million valid credit cards across the country, the BDDK data showed. The figure stood at a little under 32 million in September 2008 and around 52.5 million in the same month last year. Not surprisingly, the large provinces top the list of credit cards with 23.65 million alone in Istanbul, followed by Ankara, İzmir, Antalya and Adana.

This increase was accompanied by a rise in bad credit card loans. The number of cards under a bad loan watch increased to 4.2 million from 2.1 million four years ago. Participation banks, which operate under interest rate-free Islamic code, also played a role in the number of credit cards in use. Such banks used to have 601,445 cards in September 2008 but this figure has jumped to 1.76 million in the same month this year.

November/26/2012

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T.C

11/27/2012 3:34:02 AM

Slavery by debt... Banks are practically 'giving away' credit cards to customers, regardless of whether they can afford the repayments or not. It may make the economy look good now but if this keeps up, they will see the same thing which happened to the U.S. Actually, a lot of Turkeys economic practices image America's... and have a look now at what shape they are in, economically speaking! Biggest debt in the world, record repossessions and defaults. They are broke as a joke!

Fr Grey

11/26/2012 3:20:10 AM

The total debt of credit cards is more important. Laws can be proposed to limit the credit limit, raise the minimum pay for each month to 80%. Cash advance will be charged by 10% of the cash taken. Normally, people are easily tempted by increasing debt, so the government should intervene. E.g. Each person has a limit < 2000TL in total, no matter how many credit cards he has. Just need a central database. For reducing debt, it is worth cooling down the economy a bit.
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