Support The Moscow Times!

Personal Debt in Russia Up 30% in 2015

The amount of personal debt in Russia rose by about 30 percent, last year according to deputy director of the National Bureau of Credit Histories Vladimir Shikin, the rusnovosti.ru news website reported Monday.

"In 2015 we saw a rise in personal debt, both in rubles and as a percentage of the volume of existing loans," Shikin said, rusnovosti.ru reported.

Shikin added that the general amount of debt stands at more than 1 trillion rubles ($12.9 billion).

He said problems often arise with payment of unsecured loans and in the credit card and consumer loans sectors, rusnovosti.ru reported. Such loans make up about 18 percent of all personal debt.

However, mortgage repayments are made in a more punctual manner, with outstanding repayments standing at just 3-4 percent of all personal debt.

A spokesman for the governing body of National Bureau of Credit Histories also noted that in 2015 banks began to evaluate potential borrowers more carefully and substantially slashed rates on unsecured loan repayments.

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.