It has become clear how many Russians are vacationing on credit 05:35

The vast majority of Russians surveyed (84.8%) did not take out a loan for their vacation this summer. At the same time, 5.8 percent took out a personal loan for their vacation, while 4.7 percent used a credit card. This is the result of a survey conducted by the online alternative credit service Moneyman. socialbites.ca has the results.

Another 3.5% cited other sources of borrowed funds, and 1.2% used a combination of the above options. In total, 15.2% of respondents took out a loan for their summer vacation.

Of those who used personal loans, 57 percent used loans with terms of up to one year. 22% used loans for a period of one to two years, 17% for a period of two to three years, and the remaining 4% for periods of more than three years.

The company explained that vacation is unaffordable, requires additional financing through loans, is not a primary need and does not seem like the most rational solution. However, over the past few years, many Russians have not been able to go on vacation due to pandemic restrictions, high volatility of exchange rates, inflation and other factors, so some citizens decided to relax “here and now.” Also, many Russians tried to get a loan before the next interest rate hike.

“At the same time, the entire loan does not have to go on vacation; people can partially direct these funds to other needs. In any case, regardless of the purpose of the loan, it is important to always assess your own strengths and balance your ability to fulfill debt obligations before taking them on,” concluded Alexander Pustovit, CEO of Moneyman.

The survey was conducted from August 27 to September 3, 2024. 1,500 people over the age of 18 living throughout Russia, belonging to the economically active segment of the population and vacationing in the summer months (June, July, August) participated in it.

Previous Analyst accepted Significant rate increase in September.