The majority of Russians surveyed (71%) do not plan to take a loan next year. 23 percent plan to apply for a loan. This comes from a survey by online alternative lending service Moneyman (socialbites.ca has results).
The remaining 6% of participants had difficulty answering.
The majority of those considering taking out a loan (71%) want to get a mortgage-free loan, but they take cash or a credit card, car loan or store POS loan, which is not their goal. Another 22% plan to take out a mortgage for an apartment or house. The remaining 7% had difficulty answering.
The service’s press service announced that Russians do not plan to take out loans in 2024 due to high interest rates. Second, banks tightened their requirements for borrowers, and those who did not meet them began to receive loan rejections. This situation affected borrowers’ 2024 plans.
Third, income growth reduces Russians’ overall need for credit funds. As Russian President Vladimir Putin stated in his direct line on December 14, real wages in Russia by the end of 2023 will increase by about 8%, and the real income of the population by 5%. According to Rosstat’s report “Socio-Economic Situation of Russia”, real disposable cash income (income minus mandatory payments, adjusted for the consumer price index) increased by 5.1% in July-September 2023 compared to the same period in the previous year.
The survey was conducted in December 2023 and included 2,000 people aged 18 and over living across Russia.
As of Dec. 22, the average total cost of consumer credit exceeded 26%, according to Financial Services. During the year, PSC increased by 6.5 percentage points. In January, this figure was 19.44%. PIC includes not only loan interest but also additional services, including insurance.
Previously Russian debtors given Five tips for 2024.