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Debt load of Russians has reached a historical maximum

... lockdowns did not stop the flow of borrowed funds. The level of payments on unsecured loans in January 2020 reached 9.8% (of total income) and 1.9% on mortgages. ‘In the second half of 2020, the debt burden continued to grow. Despite the fact that the Central Bank considers the situation as a whole stable and there are no depressing forecasts yet, the regulator supported the initiative to restrict the issuance of certain types of loans. In particular, we are talking about the refusal of a loan to clients ...

ALL-TIME MAXIMUM DEBT BURDEN OF POPULATION IS REPORTED IN RUSSIA

... grow. Despite the growth in the rate of mortgage lending, this fact did not have a significant impact on the increase in the debt burden. The reason, according to the regulator, is compensation in the form of a reduction in interest rates on loans. Debt load is the ratio of all loan payments to the total income of the population. In addition, the Central Bank of the Russian Federation indicated that the quality of the loan portfolio exceeds expectations that existed at the beginning of the pandemic. The regulator also noted the desire to reduce the incentives of banks to issue loans to borrowers ...

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