Attention those with credit card and loan debt! It starts today...
According to the decision published in the Official Gazette, those who cannot pay their individual credit card and consumer loan debts will have the opportunity to restructure their debts for up to 60 months. Details on the 60-month credit card debt restructuring are in our news.
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The Banking Regulation and Supervision Agency (BDDK) will provide an opportunity for citizens to restructure their individual debts for up to 60 months. Restructuring by banks is beginning for individuals who cannot pay their minimum payment amount and have a credit card limit of 50 thousand liras or more.
IT STARTS TODAY
While the maximum contractual interest rates applied to individual credit cards are differentiated based on the reference rate according to the credit card period debt, the rates to be determined were announced on October 24.
The implementation will come into effect today. Accordingly, the 60-month restructuring will officially begin in all banks across 81 provinces as of Friday, November 1, 2024.
The Central Bank announced the reference rate as 3.11 percent on October 24. In this context, the debtor must apply for restructuring within 1 year.
60-MONTH RESTRUCTURING FOR CREDIT CARD DEBT
Individual credit card debts can be restructured for up to 60 months. Those who cannot pay the minimum amount of their period debt will be able to pay their existing credit card debt balances in installments for up to 60 months. The installment amount falling to each month will be added to the minimum payment amount of the relevant month.