Turkish Prime Minister Recep Tayyip Erdoğan 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 a charity iftar (fast-breaking) dinner that was held for martyrs' families in Ankara, Erdoğan slammed many bank owners for making huge fortunes through exploiting the credit card system.

He says if people cautiously spent money in accordance with their income, there would be no need to use credit cards, which only bring massive debts to poor people.
“People like to use credit cards, but they should keep in mind that there is a lobby that takes advantage of the non-interest revenues earned by the cards. They should spend based on their means” - the Turkish leader said.

Erdoğan and members of his government have accused speculators and a "high-interest-rate lobby" of stoking volatility in financial markets to make a quick profit at the expense of the Turkish economy.

Mr. Erdoğan, who repeatedly said he wanted real interest rates of zero percent, vowed to "choke" speculators that inreach themselves "by sweat of the people's brow", urging Turks to put their money in state banks instead of private.

Source of information: todayszaman.com

23/07/2013

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