Turkish PM warns against using credit cards

My people have enormous debt to banks. A single bank -- I will not name it here -- takes in TL 600,000,000 per year through credit card use," Erdogan said in his criticism of how the financial system in Turkey further deprives those with lower incomes.

Turkish PM warns against using credit cards

World Bulletin/News Desk

Turkish Prime Minister Recep Tayyip Erdogan has called on people not to use credit cards extensively as he says the banking sector maximizes its profits extensively through the credit card system at people's expense.

Speaking at an iftar (fast-breaking) dinner that was held for martyrs' families in Ankara, Erdogan slammed many bank owners for making huge fortunes through exploiting the credit card system and benefiting from those with lower incomes.

Erdogan expressed that when he took the interest lobby as a target, he did so since "the games being played in our region are for a weakened Turkey.”

In addressing the developments Turkey has undergone over the last decade, Erdogan stated “When we took Office, corruption was knee-deep. But now there is no chain of corruption. I'm not saying it’s completely vanished, it’s still around.”

"I call on people not to use credit cards. My people have enormous debt to banks. A single bank -- I will not name it here -- takes in TL 600,000,000 per year through credit card use," Erdogan said in his vehement criticism of the way the financial system operates in Turkey.

He argued that if people cautiously spent money in accordance with their income, there would be no need to use credit cards. He warned of the wealth which is accrued by some by drowning the poor in massive debts.

Last Mod: 18 Temmuz 2013, 16:29
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