The credit card of low-income people has reached its limit

High inflation and rising interest rates cause low-income citizens trying to cover their expenses to turn to credit cards as a last resort. CHP Bolu MP and member of the Parliamentary Committee on Industry and Commerce Türker Ateş said that the credit cards of the poor are maxed out and the budget of those earning the minimum wage is two months behind. Türker Ateş noted that the use of credit cards in low-income segments has increased despite the increase in interest rates since June and said: “The credit card slavery of the poor continues, which can even make the kitchen purchases by borrowing. Credit cards have reached their limit. “The rise in debt has also started to raise alarm bells due to the interest burden,” he said.

676 BILLION LIRAS

Ateş stated that, according to data from the Interbank Card Center, the highest credit card spending in September was made in markets and shopping centers, and in this context citizens used cards 263 million times for a total of 113 billion lire. CHP member Ateş stated that a credit card was used 106 million times for a total of 32 billion lira for food expenses and 88 million times for a total of 45 billion lira for various food purchases , adding that the total number of credit card transactions in September was 780 million and the amount was 676 billion lira.

The budget for minimum wage earners is 2 months late

Türker Ateş stated that the usage rate of low limit credit cards has increased and said: “After income increases, the lowest limit credit card covers 25 thousand TL or less. These cards, used by the poorest, have reached their limit… So much so that with this account the minimum wage is 2 months away. Debts that cannot be paid and are left to interest also generate fear within the framework of the interest policy followed for this segment. “It becomes difficult to spend even by borrowing,” he said.