Credit Demand Shifts: Surge in Short-Term Borrowing and Rise of Savings Financing

In Turkey's personal finance sector, significant changes in credit usage and savings preferences were observed in the first seven months of 2026. Analysts at Hesap.com noted that credit volume growth came from flexible channels like credit card balances and overdrafts rather than planned financing products, while savings preferences maintained a strong bias toward term deposits. According to BKM data, card-based spending increased by nearly 45% year-on-year, surpassing inflation, with weekly spending reaching 750.6 billion TL. Meanwhile, residential mortgages saw growth exceeding 20% year-to-date, though total residential sales declined by 6%. Hesap.com's General Manager Assistant, Özgür Göçen, highlighted that term deposit volume rebounded to exceed 10 trillion TL and that savings financing companies saw customer numbers surge by 112% to reach 1.3 million.

The primary driver behind the surge in short-term borrowing was consumers' reliance on credit cards and overdrafts to meet immediate spending needs. Meanwhile, the shift in long-term financing demand toward vehicle and property financing has redirected consumer preference from banks to savings financing companies.