Consumers in all but 4 of Turkey’s provinces in debt

In 77 of Turkey’s 81 provinces the total amount of personal cash loans is higher than that of personal savings, according to figures for 2013 released on Monday by the Banking Regulation and Supervision Agency (BDDK).

The southeastern province of Siirt was found to have the largest differential between cash loans and savings at 343.04 percent. That is, Siirt residents had TL 3.43 in cash loan debt for every lira they held in savings.

The next three provinces with the highest cash loan to savings ratio were Gaziantep, Sanlıurfa and Osmaniye, where the figures were 287.34 percent, 269.89 percent and 240.49 percent, respectively. Mardin, KahramanmaraS, Bitlis, Bilecik, Amasya and Tokat rounded out the 10 highest cash loan holding provinces.

Only the provinces of USak, Ankara, Aksaray and Tunceli had higher proportions of savings. Tunceli had the distinction of possessing the lowest ratio of cash loans. For every 75 kuruS held in cash loans by Tunceli residents, they had one lira in savings.

In 2012, the provinces of Istanbul, Bartin and Zonguldak also had comparatively higher instances of savings but slipped off the list the following year. In 2011, a total of 12 provinces exhibited stronger savings habits, figures that indicate cash loan debt is growing throughout Turkey. 

SOURCE: TODAY’S ZAMAN

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