Credit card matters in Turkey

Credit card interest rates are planned to be limited in

The Parliament in the country is working on the adjustment for credit card interest rates. Banks-issued credit cards caused a number of problems in 2005. After that a law on bank cards and credit cards was developed by the government. Problem loans increased 10 times. The problem had an adverse effect in the society. In connection with this situation the ruling party decided to provide proper legislation on the subject.

"Today, consumer credit interest rate is 24% at most; this is 78% for credit cards. It is devastating for the users. We can not consider the reaction of the central bank and the bank union. We are determined to put a limit on the interest rate. This top limit may be slightly over the limit of consumer credit rate. This social problem should be overcome," says Ahmet Iyimaya, the chairman of justice board.