BRSA releases data: Significant increase in credit card usage

The Banking Regulation and Supervision Agency (BRSA) released its 'weekly banking sector data' last week. According to BRSA data, the total of consumer loans and individual credit card expenditures increased by 67.6 percent in one year as of the end of March 2024, reaching the level of 3 trillion 100 billion liras. This figure stood at 1 trillion 849 billion liras in March 2023.

According to the data, while the total amount of consumer loans reached 1 trillion 623 billion liras, the share of personal loans amounted to 1 billion 86 million liras. In the same period of 2023, this figure was around 815 billion liras.

INCREASE OBSERVED IN CREDIT CARD USAGE

While vehicle loans rose from 64 billion liras to 92.7 billion liras in one year, the amount of housing loans increased from 391 billion liras to 444 billion liras, causing loan amounts to hit a ceiling.

Individual credit card expenditures also more than doubled.

The total amount of individual credit card expenditures rose from 577 billion liras to 1 trillion 376 billion liras, with 593 billion liras of these expenditures consisting of installment purchases and 783 billion liras consisting of non-installment purchases.

LEGAL PROCEEDINGS INITIATED

According to the data from the Banks Association of Turkey Risk Center, as of January 2024, the number of individuals using personal loans (excluding non-performing loans) increased by 2 million people in the last year to reach 40 million, while the average loan balance stood at 71 thousand TL.

In January, 173 thousand people used a credit card for the first time, and 170 thousand people used a consumer loan for the first time.

The number of people who entered legal proceedings due to personal loan or credit card debt was 194 thousand.

News Source: 12punto