The recent, countrywide look at consumer credit shows a notable rise in borrowing activity in Russia during the first half of the year. Data from the Central Bank’s analytical brief on retail lending trends, based on credit history bureau information, indicate that the total number of people with active loans climbed to about 47 million in the first half of 2023. This rise reflects a growing tendency for households to carry multiple credit lines, with the group holding three or more loans expanding by roughly 2.2 million in the period.
Credit cards remain a dominant form of consumer credit. Over the past year, the count of unique card borrowers increased by about three million, pushing the total to around 23 million. Mortgage tied borrowing still forms a substantial portion of household debt, with more than 10 million mortgage holders reported, and a rising share of loans having long tenors, including some beyond the 25-year mark.
Officials note that the mortgage segment often involves prior consumer borrowing. In the second quarter, eight out of ten adults who took out a mortgage already had a consumer loan in their credit history. A small portion, around six percent, described such a consumer loan as a potential down payment when considering home ownership. The Bank of Russia has stated it intends to engage with banks on refined methods for assessing borrowers who have existing consumer debt alongside mortgage applications.
Recently, the Governor of the Bank of Russia acknowledged the possibility of shifting risks toward a banking downturn, signaling ongoing attention to the stability of lending standards. The central bank has previously observed a softening in mortgage lending criteria, prompting discussions about risk management and supervisory responses. These developments are being watched closely by policymakers, lenders, and households alike as credit use evolves across the economy. (Attribution: Central Bank of the Russian Federation, Analysis of trends in the retail credit segment based on credit history bureau data.)
In the broader context, this evolution in household credit signals a shift in debt dynamics that affects consumer finance, housing markets, and the longer-term cost of borrowing. For observers in Canada and the United States, the Russian experience underscores how fluctuations in loan volumes and the mix of credit products can influence consumer spending, housing affordability, and financial stability—topics that resonate with financial institutions and regulators worldwide. (Attribution: Central Bank of the Russian Federation.)