Rising inflation causes credit card debt to explode: Good news on restructuring!
The increase in credit card usage due to recent rising inflation has led many citizens to be unable to pay their debts. As a solution to this situation, the Banking Regulation and Supervision Agency (BDDK) has allowed credit card and personal loan debts to be paid in installments of up to 60 months. While public banks are leading the restructuring process, interest rates will be announced on October 24. Those who wish to benefit from the restructuring will be able to apply under certain conditions.
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There has been a major increase in credit card usage due to the impact of recent rising inflation. This situation has caused many citizens with credit card debt to struggle.
Banks have initiated a restructuring process for credit card debts in order to provide solutions to these problems.
NEW DECISION FROM THE BDDK!
Good news has arrived for citizens who are struggling to pay their credit card debts and want to restructure their accumulated debt. The Banking Regulation and Supervision Agency (BDDK) has provided the opportunity for restructuring credit card and personal loans.
According to this decision, those who cannot pay their credit card or personal loan debt will be able to restructure their debts with a maturity of up to 60 months.
RESTRUCTURING DETAILS FOR CREDIT CARD DEBT
With the restructuring opportunity for those who cannot pay their debt, the total debt amount will be divided into installments, and the monthly installments will be added to the minimum payment amount. In this way, the installment payment of credit card debts will be facilitated.
BANKS HAVE STARTED THE RESTRUCTURING PROCESS
According to the report in Sabah Newspaper, Ziraat Bank, Vakıfbank, and Halkbank are leading the restructuring among public banks. So far, the amount restructured in public banks has exceeded 1.5 billion TL.
Among private banks, İş Bankası and Akbank are also among those that have started the restructuring process.
INTEREST RATES TO BE ANNOUNCED ON OCTOBER 24
The interest rates to be applied in the restructuring of credit card debts will vary according to the amount of the debt. In this context, interest rates will be announced on October 24 and will come into effect as of November 1. In the current restructuring process, a 3.11 percent interest rate is applied, and this rate is determined according to the interest rate set by the Central Bank.
If the reference interest rate remains constant, the maximum contractual interest rates will vary according to the debt amount; an interest rate of 3.50 percent will be applied for debts under 25 thousand liras, 4.25 percent for debts between 25 thousand and 150 thousand liras, and 4.75 percent for debts over 150 thousand liras.
WHAT ARE THE RESTRUCTURING CONDITIONS?
With the decision taken by the BDDK, an opportunity for installments of up to 60 months has been offered to citizens who cannot pay their credit card and loan debts. For those who cannot pay the minimum of their periodic debt, when they restructure their entire debt, the monthly installments will be added to the minimum payment amount.
In addition, the card limit cannot be increased until half of the restructured debt is paid. Furthermore, those who have 30-day overdue payments on personal loans will also be able to benefit from the restructuring opportunity.
However, it is necessary to apply within 1 year to benefit from this opportunity.