Turks Better at Handling Credit Card Debt than Europeans

Ozinal said yesterday that the Turkish public is better at paying off debt than Europeans, "The total rate of unpaid debt in Turkey is 4-5 percent, while the total number of customers is 2-3 percent. However, European and world rates are at between 9-10 percent. 97-98 percent of the customers use their cards easily." He believes that the interest in the highly criticized credit cards is higher in Turkey than in

Europe, while the cost of money is lower. One must think of credit cards as a tool that facilitates payments, Ozinal suggests, and spend money according to one’s income in order to avoid debt problems.

Ozinal said credit cards became an issue following a public announcement regarding a draft law prepared by the Banking Regulation and Determination Institution regarding credit cards.

Ozinal stressed that they have not noticed any unreasonable expenses in the credit card system, and noted the public’s sensitivity regarding payments.

According to the Card Center Manager, the rate of those who do not pay their debts even though they have sufficient funds, is lower than in European Union countries.