Time for Turkey to Face Reality!

In Aanshu Kapoor’s blog post, he talks about Turkey’s growing economic troubles related to its citizens paying off their credit card bills. The majority of Turkey’s citizens’ method of payment is by credit cards. For a long period of time, banks have practically been freely handing out credit cards to the majority of citizens, regardless of their past credit history. In result to this, approximately 3.7 million cardholders are unable to pay off their balance. This is based on the new rules enforced in which cardholders must pay off 50% of their balance during a year. Turkish regulators have increased their interest rate to 29% and as a result, many citizens’ financial status’s in Turkey are going down the drain.