Support The Moscow Times!

Consumer Borrowing on the Rise

Over a quarter of Russians are in debt and the number is growing, even though less than half of them are confident that they will be able to pay off their loans in full, according to a study by the Public Opinion Foundation.

The survey released Thursday covered 1,500 adults in 45 regions in September and found that 29 percent of Russians have taken credit from a financial institution. A similar study from August 2010 showed that 22 percent of respondents have outstanding loans.

Despite the growing number of borrowers, almost half of them admitted that they are not confident about repaying their credits.

The majority of respondents reported that they have only one loan, 21 percent had two loans and 9 percent three or more. Thirteen percent of those surveyed had taken credit from a store, while 10 percent had bank loans for short term needs.

One third of respondents said they were paying 25 percent of their monthly income to pay off loans, while one quarter said they spent 50 percent of their money on debt servicing.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.