Alarming credit card debt report: Citizens unable to pay their debts

The Istanbul Planning Agency (IPA) has published its January 2025 Istanbul Barometer Report. The report highlights the economic difficulties faced by Istanbul residents and the major events on the agenda. While 55.9% of survey participants stated that they could not pay their credit card debts in full, the proportion of those affected by the economic crisis continues to rise.

The most discussed topic on Turkey's agenda in January was the hotel fire tragedy in Bolu Kartalkaya. 59.2% of participants identified this event as the country's most important agenda item. On the Istanbul agenda, the investigations launched against Istanbul Metropolitan Municipality Mayor Ekrem İmamoğlu ranked first with 43.7%. Deaths caused by counterfeit alcohol were also among the notable issues at 39.1%.

ECONOMIC CRISIS DEEPENING

IPA data revealed that economic distress is being felt more intensely in Istanbul every day. 49.7% of participants stated that they are struggling to make ends meet, while 31.5% indicated that they had to take on debt in January.

According to the research;

The rate of those unable to pay their credit card debt is 55.9%

The rate of those paying only the minimum amount of their card debt is 32.5%

The rate of those who think the Turkish economy will improve is only 17.5%

The increase in debt rates has also reflected on the investment habits of Istanbul residents. The first choice for those who are able to save is gold, at 59.7%.

PURCHASING POWER DECLINING, SHOPPING PREFERENCES CHANGING

The report also examined the shopping preferences of Istanbul residents. The most preferred shopping points for meeting food and basic needs were discount markets (26.1%) and local neighborhood markets (23.6%).

75.5% of participants stated that they never shop at organic markets.

62.6% said they never shop at online grocery stores. 

News Source: 12punto