loan borrowings
Loan borrowings increased by 51.21 percent in the first quarter of the year compared to last year. During the first quarter of the year, credit borrowing increased by 51.21% compared to the previous year. As the first quarter of the year came to a close, an analysis of credit borrowing during this period was conducted.
According to the Banking Regulation and Supervision Agency’s (BRSA) data, consumer loans and individual credit card debts totaled 3 trillion TL, increasing by 62.24% compared to the previous year. Consumer loans amounted to 1.624 trillion TL, while individual credit card debts reached 1.377 trillion TL.
Consumer loans and individual credit card usage continued into the first quarter of the new year. Despite the rise in interest rates, citizens continued to borrow. According to BRSA data, consumer loans increased by 27.59% compared to the previous year in the first quarter of 2024. Of this, 445 billion TL were for housing, 93 billion TL for vehicles, and 1.086 trillion TL for personal loans. There was also an increase in individual credit card usage during the first quarter of the year, rising by 138.54% compared to the previous year.
Corporate credit card borrowing also saw an increase. While installment commercial loans increased by 52.39% in the first three months of the year, corporate credit card borrowing increased by 78.96%. As a result, installment commercial loans amounted to 1.593 trillion TL, while corporate credit card borrowing reached 484 billion TL.
Çağada Kırım stated that the growth mainly came from consumers, especially from credit cards. Due to both the increase in interest rates by the Central Bank and banks becoming more selective in lending, consumers were directed towards credit card spending. While there was a decrease in credit card borrowing speed compared to the previous year, the increase in installment and non-installment credit card spending indicates that credit cards have replaced personal loans. https://www.sektornews.com/yilin-ilk-ceyreginde-kredi-borclanmalari-gecen-yila-gore-yuzde-5121-artti/