Individual credit card debt increased by 153 percent!

According to data from the Banking Regulation and Supervision Agency (BDDK), individual credit card debt rose to 1 trillion 274 billion TL, based on figures released on February 23. In the same period last year, this figure was 503 billion TL.

INCREASE IN INSTALLMENT CARD USAGE

Furthermore, in the eighth week of this year, individual credit card debt reached 1 trillion 274 billion TL. Of this, 562 billion TL consisted of installment debt, while 712 billion TL consisted of non-installment debt. While total debt was 503 billion TL in 2023, 258 billion TL of this was installment debt and 245 billion TL was non-installment debt. In other words, while installment credit card usage increased by 117 percent, non-installment credit card debt increased by 190 percent.

153 PERCENT INCREASE IN INDIVIDUAL DEBT

Total individual credit card debt, which was 503 billion 226 million TL in the eighth week of 2023, increased by 153 percent in the same period this year to reach 1 trillion 274 billion TL.

RISE IN CORPORATE CREDIT CARD USAGE AS WELL

The increase was not limited to individual credit card usage. Corporate credit card debt also saw an increase this year. Corporate credit card debt, which was 241 billion TL in 2023, rose to 439 billion TL this year. Of this, 185 billion TL consisted of installment debt and 254 billion TL consisted of non-installment debt. 

The data revealed an 82 percent increase compared to last year. Of the total debt of 241 billion TL in 2023, 136 billion TL consisted of installment debt and 105 billion TL consisted of non-installment debt.

News Source: 12punto