Russians’ Debt Burden Almost At All-Time High
1 April 2019 (09:24)
UrBC, Moscow, April 1, 2019. Russians’ debt ratio reached 9.9% last month; this is the nearest the figure has ever got to the all-time high registered in 2014 (10.4%), TASS refers to the Central Bank of Russia’s Financial Stability Director Elizaveta Danilova as stating.
According to Danilova, the primary factor affecting the people’s debt burden is the growing amount of unsecured consumer loans. At the same time, the mortgage-related debts have been quite low in the last few years and are only growing gradually.
This has to do with the fact that mortgages are long-term loans with (typically) lower interest rates; this is, therefore, a more comfortable way of borrowing money, Danilova says.
According to Danilova, the primary factor affecting the people’s debt burden is the growing amount of unsecured consumer loans. At the same time, the mortgage-related debts have been quite low in the last few years and are only growing gradually.
This has to do with the fact that mortgages are long-term loans with (typically) lower interest rates; this is, therefore, a more comfortable way of borrowing money, Danilova says.
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