Turkey invited credit card debtors to apply to reschedule the payments they owe banks to a low-cost repayment program.

Banks have agreed to waive some of the fines and interest on the debts in a bid to slow an expansion of nonperforming credit card debts, Economy Minister Ali Babacan said Monday in Ankara at a news conference with Ersin Ozince, head of Turkey's bank association.

The new payment schedules cover about $2 billion in nonperforming loans on 1.3 million cards, Babacan said. More than half of the debts are less than $650, he said.

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