Citizen on the brink of individual bankruptcy

Yurttaş bireysel iflasın eşiğinde

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Public debt to banks and financial companies amounted to 1 trillion 144 billion lire. Personal loans represent 77% of this debt. The one-week increase in consumer loans reached 6 billion lira.

Citizen on the brink of individual bankruptcy
Photo: DepoPhotos

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Aycan MONTENEGRO

Millions who cannot even support themselves are condemned to the banks. Those who are unable to pay their due debts continue their lives in a spiral by closing debt with debt.

Citizens, whose incomes and savings are melting in the face of inflation, borrow quickly in order to make compulsory expenses and debt repayments that their incomes are not sufficient for. Bank debts, which increased by 22 billion lira in the week after the sugar festival, increased by 6.3 billion lira in the week from May 13 to 20.

Personal debt to banks and finance companies (housing, vehicles, consumer goods and credit cards) increased to 1 trillion 144 billion liras as of May 20, along with non-performing loans. Of this debt, 888 billion lira comes from personal loans and 256 billion lira from credit cards.

Last week there was an increase of 6 billion lira in consumer loans and 244 million lira in credit card debt.

Non-performing debts, which were enforced by banks because they could not be paid on time, reached the level of 27.9 billion liras.

612 THOUSAND 676 PEOPLE FOLLOW THE EXECUTION

According to data from the Risk Center of the Banking Association of Turkey, in the first quarter of this year, 340,000 people were subject to enforcement proceedings by banks because they could not repay their personal loans and 272,000,582 citizens could not pay their credit card debts.

While the number of people who could not pay their personal loan debts was 125,000 in the first three months of last year, this number rose to 340,000 in the first three months of 2022, a 172% increase. Again, while the number of people who could not pay their credit card debt was 113,000 in the first three months of 2021, this number rose to 272,000 in the first three months of 2022, an increase of 140%.

The number of people facing legal action due to personal loan or personal credit card debt was 513,000 during the period January-March 2022. In the same period of the year last, the number was 204,000 people.

THE DEBT IS GROWING LIKE A SNOWBALL

CHP Manisa MP Vehbi Bakırlıoğlu pointed out that as people get poorer, credit cards get charged. “Unfortunately, the amount of debt is constantly increasing because he cannot repay his credit card debt,” Bakırlıoğlu said, saying: Due to high inflation, daily hikes from needle to needle lead to an increase in citizens’ debts. Citizens, whose incomes and savings have shrunk in the face of inflation, are borrowing quickly to make compulsory expenses and pay their debts, where their income is not sufficient.

Bakırlıoğlu added: “This image clearly shows us the type of debt of the citizen. Citizens get into debt trying to pay off debt with debt, and the debt continues to grow like a snowball. As long as inflation and the cost of living continue, these debts will grow exponentially. Citizens are almost on the verge of individual bankruptcy. As long as this government remains, it is not possible for citizens to prosper. Therefore, immediate election, immediate election.

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