The debt burden of Russians in the second quarter of 2022 decreased to 11.4%
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The debt burden of Russian citizens in the second quarter of 2022 for the first time in seven years decreased to 11.4% of the disposable income of the population, follows from the information and analytical material of the Bank of Russia. The total number of bank borrowers in the period from April to May decreased from 42.4 to 42.1 million people.
From materials analysis it follows that the decrease in the debt burden of citizens at the macro level occurred against the backdrop of a reduction in debt on unsecured consumer loans. At the same time, the demand for credit cards increased, the number of borrowers for which increased from 8.3 to 8.7 million people. Accordingly, the debt burden on credit cards increased to 2.7%.
In addition, against the background of rising housing prices, the size of new mortgage loans continues to increase. According to the analysis, this is due, among other things, to the widespread use of preferential programs from developers. The average level of debt of new mortgage borrowers in April-May reached 3.3 million rubles. for each co-borrower (in Q3 2021, this figure was RUB 2.4 million). At the same time, over this period, the share of mortgage loans with an initial installment paid at the expense of an unsecured consumer loan decreased from 6.1% to 3.9%. However, due to the spread of marketing campaigns from developers, the share of highly leveraged loans increased from 38% to 58%, the report says.
October 12 Central Bank (CB) published a report from which it follows that mortgage loans with a subsidy from the developer at low rates (up to 0.01% per annum) can carry risks for borrowers, banks, and the entire financial system. In this connection, the Central Bank announced its intention to limit the spread of such lending schemes.
At the end of September, the Bank of Russia announced a forecast for the growth of unsecured consumer lending in 2022 – by 10%. Back in the summer, the Central Bank spoke about the growth of the segment by no more than 5%, and then announced plans to tighten requirements for banks to issue unsecured loans to citizens for a period of more than five years, as well as with a high debt burden.
Read more about the forecast – in the material “Kommersant” “Loans are growing insecure”.
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