Attention those with credit and card debt! A new era in restructuring
Economic fluctuations and the depreciation of the Turkish Lira have increased individuals' credit and credit card debts. In response to this situation, the Banking Regulation and Supervision Agency (BDDK) has offered debtors a new restructuring opportunity.
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In the first five months of the year, the number of people who could not pay their credit or credit card debts due to economic uncertainties and fell into legal follow-up exceeded 1 million. During the same period, individual debts surpassed 4.6 trillion TL, with consumer loans reaching 2 trillion 381 billion TL and credit card debts reaching 2 trillion 241 billion TL.
Faced with this increasing debt burden, the BDDK has launched a new restructuring process covering credit card and personal loan debts. With this process, debtors will have the opportunity to make payments with more favorable maturities. While the restructuring period has been set at a maximum of 48 months, this period could previously go up to 60 months for credit cards.
Credit card and personal loan users who are experiencing payment difficulties and are unable to pay their debts partially or fully will be able to benefit from the restructuring opportunity. Those who have previously restructured their debts will also be able to benefit from this right again. The delay requirement for applications has been removed, meaning those who do not have a delay but have a debt balance as of the restructuring date will also be able to take advantage of this opportunity.
Debts related to credit cards, personal loans, and overdraft accounts will be included in the scope of the restructuring. Those who wish to benefit from this opportunity must apply to their banks by October 10, 2025. The process officially began as of this week.
The maximum interest rate determined by the Central Bank has been set at 3.11 percent per month. This rate corresponds to approximately 48.52 percent on an annual basis. For debts in default, this rate can go up to 83 percent. However, users who pay their statements in full and do not have any delays will not be able to benefit from this restructuring right.
During the restructuring process, it is important for debtors to determine maturities according to their payment capacity. Since interest rates are expected to fall after July, short-term installment options may be more advantageous.