Russia: More than 10% of Loan-Burdened Households Direct 50%+ of Income to Repayment
26 June 2019 (09:19)
UrBC, Moscow, June 26, 2019. Every other Russian household currently has a loan of some sort, and more than 10% of these households have to direct more than a half of their monthly income to loan repayment, the National Association of Professional Collection Agencies (NAPCA)’s press service reports.
‘Unfortunately, the current situation means there is a risk that certain Russian families with a loan burden will end up with overdue debt. The overdue debt amount comes to RUB 70,000-RUB 80,000 on average at the moment. Based on our data, some 47% of households say they cannot keep repaying the debt due to financial troubles, 30% of respondents point to their shrinking incomes, and 20% complain about a very heavy debt burden,’ says President at NAPCA Elman Mekhtiyev.
‘Unfortunately, the current situation means there is a risk that certain Russian families with a loan burden will end up with overdue debt. The overdue debt amount comes to RUB 70,000-RUB 80,000 on average at the moment. Based on our data, some 47% of households say they cannot keep repaying the debt due to financial troubles, 30% of respondents point to their shrinking incomes, and 20% complain about a very heavy debt burden,’ says President at NAPCA Elman Mekhtiyev.
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- UBRD: Loan Refinancing at 8.5% A Year
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- Russia: 12.5% Of Borrowers Direct Half Of Monthly Income to Loan Repayments
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