The count of Russians unable to service their loan debts in January–February 2023 surpassed 21 million people, marking a 22% rise from the same period a year earlier. This figure was reported by the newspaper News, citing data from the Federal Bailiff Service (FSSP).
During this interval, about 21.1 million enforcement actions were initiated to recover debts owed to banks. By the end of September, the aggregate personal debt reached approximately 2.9 trillion rubles.
FSSP representatives note that ensuring timely loan repayments from residents is a challenging task for authorities. The enforcement process is impeded by multiple factors simultaneously, including limited borrower solvency, a heavy overall debt load, and ongoing utility payments that compete for household budgets.
Information from the Central Bank of the Russian Federation shows that about 47 million citizens held loans in the first half of the year. Since 2022, this number has risen by around two million accounts.
Denis Kuznetsov, head of Sberbank’s Retail Collection and Settlement, highlighted that the enforcement stages exhibit a growth trend that aligns with the FSSP data, indicating a broad expansion in debt recovery activity across the banking sector.
Alexander Saraev, Deputy Director of Rating Activities at Expert RA, pointed to higher prices for goods and services as a contributing factor to more debtors. He noted that food costs have been rising faster than wage growth for residents, squeezing household budgets and increasing the likelihood of overdue payments.
The expert also noted that the escalation of the key rate to 15 percent has elevated borrowing costs, amplifying the financial pressure on borrowers and potentially widening the debt burden across the population.
There is a consistent warning about the risk of debt accumulation, even on unused credit cards, as households reassess credit usage amid shifting financial conditions.