Banking Regulation and Supervision Agency (BRSA) announced on September 26 that, within the scope of coordinated macroprudential steps taken with the Central Bank of the Republic of Turkey (CBRT) to ensure financial stability, those who have difficulty in paying their individual credit card and consumer loan debts are offered a restructuring opportunity for up to 60 months. he explained.
According to the practice, the CBRT limits the maximum interest rate to be used in the restructuring of individual credit cards to 3.11 percent, which is the reference interest, while consumer loans can be restructured for up to 60 months without additional credit if the principal and interest payments are delayed for more than 30 days.
Within the scope of the application, where the debtor must apply for restructuring within 1 year, the installment amount for each month will be added to the minimum payment amount of the relevant month and the credit card limit at the relevant bank cannot be increased until at least half of the restructured credit card debt is paid.
CBRT differentiated the maximum contractual interest rates applied to individual credit cards depending on the credit card term debt and the reference rate.
Looking at the rates that came into force as of November 1, the maximum contractual interest rate for Turkish lira credit card transactions for those whose current debt is less than 25 thousand liras is 3.5 percent, and the maximum delay interest rate is 3.8 percent. For those whose period debt is between 25 thousand and 150 thousand liras, these rates will be 4.25 percent and 4.55 percent, respectively, and for those over 150 thousand liras, 4.75 percent and 5.05 percent.
In addition, for those whose current debt is over 150 thousand liras, the same rates will be valid on corporate credit cards, regardless of the debt amount.
According to information obtained from Halkbank, VakıfBank and Ziraat Bank, as of October 28, the number of people whose debts were restructured, both credit card and consumer loans, was 32 thousand 599.
While the total amount of restructured debt reached 4 billion 433 million 966 thousand liras, it was stated that those who wanted to restructure their debts showed great interest in public banks in this process.
