Over the forecast period, the direction the Turkish economy will take is unclear. Further exacerbated by the inflationary impact of the energy crisis arising from the war in Ukraine, the Turkish economy is likely to continue to be in a weakened state.
In 2022, there were already signs of limitations on the horizon for credit card borrowing through instalment payment limitations in specific sectors such as consumer electronics, gold jewellery, autos and furniture. Over the forecast period, the spread of sectors that will have a reduced number of instalment payment allowances are expected to grow as the Banking Regulation and Supervision Agency (BDDK) aims to curb card-based gross lending which has been growing sharply over the historic period.
Card lending will continue to grow at a faster rate than non-card lending. Considering the ballooning of loans over the review period and the negative economic context, the appetite for providing cheap loans will not be high over the forecast period.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Turkey with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.See All of Our Definitions
This report originates from Passport, our Consumer Credit research and analysis database.
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