Nearly four million under pressure of execution due to debts

CHP Niğde Deputy Ömer Fethi Gürer highlighted that the number of citizens taken into execution by banks due to inability to pay consumer loans and credit card debts is increasing day by day.

Highest number in the last 13 months

Gürer pointed out that 118,857 people were subject to execution for individual loan debts in September, and 90,013 people for credit card debts, reaching the highest point in the last 13 months in the number of citizens subject to execution due to individual loan debts. He mentioned that the total number of individuals taken into execution in September was 179,986 when those taken into execution for both credit card and individual loan debts within the same month were counted as a single person.

CHP Deputy Ömer Fethi Gürer stated that a total of 635,837 individuals were unable to pay their individual loan debts when those who had execution proceedings initiated against them in different months of the first 10 months of this year were counted as a single person. He also indicated that 616,908 people were taken into execution by banks because they could not pay their credit card debts.

Deputy Ömer Fethi Gürer explained that a total of 979,287 people were subject to execution during this period due to their inability to pay credit card and individual loan debts or both.

Credit card debts

CHP Deputy Ömer Fethi Gürer highlighted that as of September 2023, the number of citizens who have been subject to execution by banks and whose debts are still ongoing and under the banks' supervision is reported to be 2,327,680. He stated:

"When those under both the banks' and asset management companies' supervision are counted as a single person, as of September 2023, a total of 3,818,605 citizens are being monitored because they couldn't pay their credit card and individual loan debts."

Actual inflation much higher

Gürer explained that within the same week, there was a increase of 1.6 billion lira in consumer loans and 12.8 billion lira in credit card debt balances. He concluded:

"As it is known, TÜİK calculated inflation as 55% for the first 10 months of the year. However, since credit card debts are directly related to consumption expenditures, the 124.2% increase in these debts provides a clue about the actual inflation figure for this period."

"In other words, these figures suggest that the actual inflation is much higher than the 55% reported by TÜİK." (EMK/PE)