February 13, 2012
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TBB: No new regulation for credit card debt restructuring
13 March 2010 / TODAY’S ZAMAN, İSTANBUL
The Turkish Banks Association (TBB) has denied recent reports that a new regulation would give credit card holders the opportunity to restructure outstanding balances a total of five times over a designated period of time.
The reports said credit card users would have the opportunity to restructure their debt provided that they apply to their banks before March 1, 2011. In a written statement, the TBB said the reports do not reflect reality and credit card users can currently apply to banks requesting that their debt be restructured, independent from any pending legislation.
Meanwhile, according to data from the central bank, customer loan debt to banks in Turkey increased by a robust TL 391.4 million between Feb. 25 and March 5 to reach a total of TL 93.85 billion. Total credit card debts increased by TL 166.3 million to TL 862 million in the same period, bringing the total debt owed to banks to TL 129.71 billion.
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