The level of debt load of Russians is low compared to other countries, it is less than 20% of GDP, Deputy Minister of Economic Development Ilya Torosov told Izvestia.
“For comparison: in Russia, the debt of citizens is less than 20% of GDP. In developing countries – for example, in Brazil – 30-50%. And in developed countries, such as the USA and Great Britain, 70-90%, ”said Torosov.
He noted that the borrower should deliberately increase the debt load in order not to fall into a “debt hole”. The deputy minister added that the authorities regularly discuss solutions that could help this. For example, the government is currently considering a bill that would oblige the borrower to inform about excessive debt burden. The document prompts you to send a written notice if the monthly payment on the loan will exceed half of the income.
In May 2021, Deputy Chairman of the Central Bank Ksenia Yudaeva reported that the level of debt load of the population had reached a historical maximum, and “bubbles” had appeared in certain segments of the consumer lending market.
The Central Bank explained to the publication that the main risk is caused by unsecured consumer loans. There is also a risk of a dangerous increase in debt in mortgages, so deterioration in lending standards and excessive price increases should be avoided.
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