In recent years, Turkey has seen a boost in the use of loans
both in individual and in corporate level. Apparently, Turkish
households took out loans to afford their expenses like never
before in the past couple of years. The rapid increase in loans is
not the only problem. Apart from loans, there are also 56.7 million
credit cards in circulation according to the data from Interbank
Card Center (BKM). It is reported that nearly 38% of overall
payments in Turkey is paid by credit cards. Excessive use of loans
accompanied by over use of credit cards brought about some side
effects. Now, Turkey is trying to deal with the problem of millions
of people indebted to banks.
Considering the fact that even countries with a certain economic
depth are struggling with loan and especially mortgage debts of
their citizens, this situation is not surprising for Turkey.In
2013, nearly 1million people were unable to pay their credit card
or personal loan debt; this was 49 per cent more
