Affecting millions of citizens: Restructuring for credit card and personal loan debts!

The Banking Regulation and Supervision Agency (BRSA) has put into effect a comprehensive restructuring regulation as of July 10, aimed at easing the individual debt burden for credit card, personal loan, and overdraft account debts. In this context, citizens will be able to pay off their debts in installments for up to 48 months. Applications can be made until October 10, 2025. The implementation has started at some banks, while many others are continuing their technical infrastructure work regarding the process.BANKS ARE IMPLEMENTING GRADUALLYThe restructuring application is not starting at all banks simultaneously. According to Sabah newspaper columnist Dilek Güngör, efforts were made to clarify the details during meetings between the BRSA and the banks. In particular, whether credit limits would be increased for customers who only pay the minimum amount on their credit card debt was one of the most debated topics.According to the BRSA's advisory decision:

It was recommended that credit card limits should not be increased until at least half of the debt is paid off.

For personal loan restructurings, it was emphasized that no new loans should be granted, meaning no additional debt should be added to the existing debt.

However, the final decision was left to the banks. While some banks are adopting a strict policy, there are also those planning to be more flexible with customers who have a good payment history.

INTEREST RATES HAVE BEEN CLARIFIED

The interest rates within the scope of the restructuring have also been determined. Accordingly:

The restructuring interest rate for credit card

debts will be applied at 3.11 percent.

For personal loan

restructurings, interest rates vary from bank to bank, but they are hovering between 3.79 and 3.89 percent.

These rates, according to current market conditions, offer citizens a way to manage their financial

obligations more effectively. It is advised that individuals

contact their respective banks for specific terms.citizens to restructure their payment plans.allows them to restructure their payment plans.

SOME BANKS HAVE ALREADY STARTED QUICKLY

Some public and private banks have quickly implemented the practice. For example:

İş Bankası carried out restructuring transactions for 682 personal loans totaling 157 million TL between July 14 and 16 alone.

During the same dates, approximately 2 billion TL was restructured across 8,606 files for credit card debts.

Ziraat Bankası has also begun accepting applications by accelerating the process through its regional directorates.

Some banks that are still working on their infrastructure are expected to fully launch restructuring applications on Monday, July 21. For these banks as well, the regulation will be considered valid as of July 10, 2025. This means that retroactive restructuring applications will also be accepted.