Mired in debt

CONSUMERS TRAPPED
With the AKP government taking steps to boost consumption prior to the referendum, both citizens’ and companies’ debt loads continue to increase. According to Banking Regulation and Supervision Authority data, the total amount of consumer loans and individual credit cards under recovery reached 18 billion 855 million lira in December 2016.
HOUSING LOANS LOOM LARGE
The situation is no different for companies, either. In the same period, business loans under recovery rose from 30 billion 276 million to 39 billion 142 million. There was an 8.9 billion lira increase in companies’ non-performing loans. The largest increase in unrecoverable loans was in the housing sector.