Strict regulations may be coming for credit cards. Here are the possible scenarios

Drawing attention to the increase in credit card usage, Çakar stated that a regulation on credit cards might be introduced. Following this statement, economists explained the possible scenarios regarding the regulation that could be implemented for credit cards.

SERIOUS INCREASE IN EXPENDITURES

Regulations on credit cards were one of the notable topics in the Medium-Term Program. The latest to voice this was Banks Association of Turkey President Alparslan Çakar. Çakar said, "There is a noticeable increase in credit card expenditures. I believe a step will be taken on this matter."

The number of credit cards in Turkey has approached 120 million. Credit card usage has also increased by 124 percent compared to last year. Çakar announced that as of June, there has been a slowdown in credit usage, but an increase in credit card usage. Çakar stated, "I believe there will be a regulation in terms of managing its impact on inflation."

CARD LIMITS WILL DECREASE, MINIMUM PAYMENT AMOUNTS WILL INCREASE

According to economists, the prominent options for credit card regulations are interest rates, installment limitations, or limit adjustments. Economists believe that credit card interest rates could be increased to limit credit card usage.

According to the report by Kanal D Haber, while the number of installments has been reduced for many products, their complete removal in some sectors is also among the topics being discussed. In addition to lowering the credit card limits granted to individuals, increasing the minimum payment amounts is also on the agenda.

News Source: 12punto