Economist Emre Alkin warns of credit card debt spirals

Economist and Topkapı University Rector Prof. Dr. Emre Alkin has issued warnings regarding credit card usage and the risks of falling into a debt spiral. Alkin emphasizes that while credit cards can be beneficial, they become a significant financial burden when spending exceeds income and debt is managed solely through continuous minimum payments.

Alkin advises consumers to align their spending with their actual, current income rather than treating credit limits as personal funds. He notes that making only minimum payments may work as a short-term solution for unexpected expenses, but using it as a long-term habit leads to a dangerous cycle of high interest and increasing debt. He stresses the importance of financial literacy, stating that without the ability to manage accounts and budgets, any financial instrument can cause harm.