Attention credit card holders!: Cash advance interest rates have doubled

The recent rise in the cost of living is pushing citizens to seek different solutions. Especially retirees and those trying to get by on minimum wage, unable to make it even to the middle of the month with their salaries, are turning to credit cards for relief.

However, applying for a credit card is no longer as attractive as it once was; the increase in cash advance interest rates has nearly doubled the cost of borrowing.

According to the report in Gerçekgündem, citizens struggling with economic difficulties state that they are having great difficulty finding money.

While rising credit card interest rates are putting low-income groups in an even more difficult situation, some are expressing their reactions toward the government. Many people criticize the economic management, saying, "The well-fed do not understand the hungry. We gave our vote, but now we are living half-hungry and half-full."

In the first eight months of 2024, non-performing loans nearly doubled, reaching 249 billion TL. This situation clearly demonstrates the impact of economic difficulties on individual borrowing.

This figure, which stood at 160 billion TL at the beginning of 2023, showed a rapid increase starting from April and has risen to the 249 billion TL level as of today.

Experts state that this increase may continue further and that many individuals could face the risk of bankruptcy.

In particular, the difficulties experienced in repaying credit card debts could further disrupt the financial balance of individuals. As citizens struggling with the economic crisis find it difficult to pay their debts, non-performing loans are expected to continue to rise.