February 5, 2005 According to the report “Living on Credit”, issued by the Ankara Chamber of Commerce (ACC) indebtedness among workers and tradesmen has increased in 2005, compared to 2004. The report based on data provided by the Central Bank, reports an increase of 24% in debts owed on credit cards, 71% in bank debts, […]
February 5, 2005
According to the report “Living on Credit”, issued by the Ankara Chamber of Commerce (ACC) indebtedness among workers and tradesmen has increased in 2005, compared to 2004.
The report based on data provided by the Central Bank, reports an increase of 24% in debts owed on credit cards, 71% in bank debts, 70% in unpaid vouchers and 35% in unpaid checks.
Money lent out by banks included credits for real estate, cars, credits for other commodities and credit card credits and reached 44,5 billion YTL (34 billion dollars),
an increase of 18.8 billion YTL (14 billion dollars). People borrowed most to buy real estate (an increase of 368%). Credit card borrowing increased by 24%.
As indebtedness increased so did the number of people unable to pay their debts. The number of people black-listed for failing to pay or late paying their personal or credit card debts increased by 140% (up by 343,000).
In 2005 people black-listed for not paying their credit card debts went up to an average of
28,600/ month as compared to an average of 12,000/month. In 2005, 82 out of every 100 indebted people completely failed to pay their credit card debts.
E.K.
