Attention credit card debtors! Installments of up to 60 months now available
The Central Bank and the BRSA have introduced a new restructuring regulation for individual credit card debts. According to the regulation published in the Official Gazette, credit card and personal loan debts can now be paid in installments of up to 60 months. Under the restructuring plan, the monthly installment amount will be added to the minimum payment amount.
According to the new decision, those with credit card debt who are struggling to make payments will be able to restructure their debts for up to 60 months. Under the restructuring plan, the monthly installment amount will be added to that month's minimum payment amount. After the restructuring process, the credit card limit cannot be increased until half of the debt is paid off. However, the remaining limit on the card can continue to be used.
RESTRUCTURING INTEREST RATE AT 3.11 PERCENT
The interest rate to be applied for those wishing to restructure their credit card debts has been set at 3.11 percent. This rate is calculated based on the Central Bank's reference interest rate and may vary depending on the maturity of the debts. For example, if a 50,000 TL debt is restructured with a 12-month maturity, the total repayment amount will reach 64,000 TL, and the monthly installment will be 5,340 TL. If the same debt is spread over a 60-month maturity, the total payment will be 133,000 TL, and the monthly installment will be calculated as 2,228 TL.
CAN THE CREDIT CARD BE USED AFTER RESTRUCTURING?
The use of the balance remaining outside of the restructured amount on the credit card can continue. For example, if 50,000 TL of a 100,000 TL debt is restructured, cardholders will be able to use the remaining 50,000 TL portion. The credit card limit at the relevant bank cannot be increased until at least half of the restructured debt is paid off.
RESTRUCTURING OPPORTUNITY FOR PERSONAL LOANS
According to the report in Milliyet, personal loan debts can also be restructured for up to 60 months. This restructuring covers principal and interest debts that have not been paid for 30 days or longer. Debtors will be able to reorganize their debts by applying for restructuring without taking out additional loans.
CHANGES TO CREDIT CARD MINIMUM PAYMENT RATES
Significant changes have also been made to credit card minimum payment amounts. For credit cards with a limit of 50,000 TL and below, the minimum payment amount will be applied as 20 percent of the statement balance. For debts above 50,000 TL, this rate will be 40 percent. Additionally, the maximum interest rates to be applied to credit card debt have been reorganized. According to the new regulation, which will be effective as of November, credit card interest rates will vary depending on the amount of debt.
WHEN WILL THE INTEREST RATES BE APPLIED?
According to the new decisions of the CBRT, the interest rates to be applied to individual credit cards will be announced on October 24 and will come into effect as of November 1. After this date, interest rates that vary according to the debt ratio will be activated. Users with lower debt will pay lower interest. The maximum interest rate has been kept fixed at 5 percent.
News Source: 12punto
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