In the new “monthly bulletin” of the Turkish Banks Association (TBB) Risk Center, it was seen that the number of people using personal loans increased by 75 thousand people in the last month and 2 million 97 thousand people in the last year, reaching 40 million 732 thousand people as of the end of June 2024.
The total amount of credit used increased by 3.1 percent monthly and 49.7 percent annually, reaching a total of 3 trillion 293 billion lira.
According to Cumhuriyet, the average individual credit risk (debt) per person increased from 56,932 lira to 80,842 lira in the last year. The average credit amount per person was 78,595 lira in May 2024.
GROWTH IN CREDIT CARDS IS ATTENTIONFUL
While the most striking growth in personal loans was in credit cards, the number of people with personal credit card debt increased by 86 thousand monthly and 2 million 555 thousand annually, reaching 37 million 633 thousand people.
While the amount of debt of individuals increased by 3.2 percent monthly and 92.4 percent annually, reaching 1 trillion 520 billion lira, the average debt per person increased from 22 thousand 534 lira to 40 thousand 386 lira in the last year. This amount had been 39 thousand 225 lira in the previous month.
THE INCREASE IN ADDITIONAL ACCOUNTS WAS HIGH DESPITE THE INTEREST RATES
With the increase in interest rates, the number of people using overdraft accounts (overdraft account-additional account) decreased by 129 thousand monthly, while it increased by 1 million 683 thousand people on an annual basis, reaching 29 million 387 thousand people.
The total amount reached 298 billion lira, increasing by 11.6 percent monthly and 140.3 percent annually.
The average amount of debt per person increased from 9,060 lira to 10,140 lira in the last month and from 4,468 lira to 10,140 lira in the last year.
FIRST TIME CREDIT USERS
According to the details of the Risk Center data, in June 2024, 161 thousand people used a credit card for the first time, 122 thousand people used an overdraft account for the first time, and 97 thousand people used a consumer loan for the first time.
The number of people using credit for the first time was 5 thousand for housing loans and 22 thousand for vehicle loans.
As of June 2024, the individual loan share was 28 percent in Istanbul, 10 percent in Ankara and 7 percent in Izmir.
While Konya, Bayburt, Şırnak and Siirt were the cities with the highest increase in personal loan balances in the last 12 months, the rate of receivables to be liquidated in personal loans was 2.2 percent as of June 2024.
