Turkey Leads Europe in Credit Card Debt

January 19, 2015, Written By Natalie Rutledge
Vector map of Turkey country

According to a new study on European credit card debt, Turkey has the highest ratio of credit card debt when compared to total consumer debt. Much of this has to do with a lack of savings in the country.

Approximately 53% of consumer debt in Turkey is associated with credit cards. By comparison, the ratio for credit card debt in the UK is 25%, and the ratio for The Netherlands is just 5%. Citizens of Turkey also hold 37% of their debt in the form of personal loans, with 20% as loans from friends and family members.

Turkey’s biggest problem is a gap in savings. Turkey’s savings make up just 13-14% of the gross domestic product, but the average savings for all of Europe is 38%. The percentage of people in Turkey who have no savings is 44%, compared to the 38% average in Europe.

Yet another problem playing into Turkey’s high credit card debt is the fact that 62% of Turkish consumers do not routinely add to their savings.

More Turkish citizens say the economy has had a negative impact on their financial status–that number has grown from 31% to 39% in 2014. Europe reported a decline of people who felt this way, from 41% to 26% over the same time frame.



The information contained within this article was accurate as of January 19, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Natalie Rutledge

Natalie Rutledge majored in Communications at Mississippi State University. She was in sales for a number of businesses and spent nine years working as a communications advisor to various entities. Natalie can be contacted directly at [email protected]
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