Turkey's Halkbank offers cheap loans to pay off credit card debts

Turkey's Halkbank offers cheap loans to pay off credit card debts

ANKARA
Turkeys Halkbank offers cheap loans to pay off credit card debts

Turkey’s Halkbank has become the third state bank to declare a low-interest rate campaign for citizens to pay off their credit card debts.

The debts of customers will be restructured with a minimum 1.1 percent interest rate and due date up to five years, a statement by the lender read on Jan. 21.

“We are working on [projects] to maintain market stability and keep real economy strong, thus deserve our people’s confidence,” said the bank’s general manager, Osman Arslan.

The Halk Support Credit “will give our clients a sigh of relief,” he said.

Earlier this month, two other state lenders, Ziraat Bank and Vakif Bank, had announced similar campaigns as part of a government initiative announced by President Recep Tayyip Erdoğan, who vowed a string of other incentives ahead of the March 31 local elections.

Turkey, Halkbank, credit cards