Turkish families deep in debt, 2 mln may face levies, MP
Wednesday, 22 August 2012
(ANSAmed) - ISTANBUL, AUGUST 21 - Turkish families are deep in debt as their financial responsibilities have jumped 18 times in the past nine years while their income has only doubled in the given time, according to an opposition lawmaker, who warns about the risks of levy for millions. The rate of family debt has exceeded 50% of spendable income and the ratio of debt to financial assets has hit 45%, according to a study revealed by Sinan Aygun, a member of Parliament from the Republican People's Party (CHP), who was also the head of the Ankara Chamber of Commerce for many years. "Developments in the last 10 years show that the debts of families are growing like a snowball. A smaller debt rate compared with some European countries should not fool anyone. Turkey is approaching European countries in this field. Citizens are financing their expenditures with debt, and trying to pay debts with new ones as their real income keeps falling," he said. "More than 2 million people are facing risks of levy because of their debt to banks." Figures provided by Aygün mainly compare the current situation with the period before Justice and Development Party (AKP) rule, which began in 2002, as daily Hurriyet reported.
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