Most Russians surveyed, about 71 percent, do not plan to take out a loan in the coming year. Around 23 percent say they intend to apply for credit, according to a survey conducted by the online alternative lender Moneyman, with results published by socialbites.ca.
A small 6 percent found the question difficult to answer.
Among those who are considering borrowing, 71 percent want a loan without a mortgage, preferring to use cash, a credit card, a car loan, or a store POS financing option instead of aiming for a mortgage. Another 22 percent are planning to obtain a mortgage for an apartment or home. The remaining 7 percent had trouble responding.
The lending service noted in its press release that Russians are unlikely to take on new loans in 2024 due to high interest rates. Banks have tightened borrower requirements, and applicants who do not meet the standards are seeing more loan rejections, influencing plans for 2024.
Additionally, wage growth has reduced the overall demand for borrowed funds. President Vladimir Putin stated during his December 14 direct line that real wages in Russia are expected to rise by about 8 percent by the end of 2023, with real disposable income increasing by around 5 percent. Rosstat’s report, Socio-Economic Situation of Russia, indicates real disposable income before tax and adjusted for inflation increased by 5.1 percent in July–September 2023 compared with the previous year.
The December 2023 survey included 2,000 adults aged 18 and over from across the country.
As of December 22, the average total cost of consumer credit exceeded 26 percent, based on figures from Financial Services. Over the year, the Personal Credit Sector (PSC) rose by 6.5 percentage points. In January, the combined rate stood at 19.44 percent. The total cost metric (PIC) includes loan interest plus add‑on services, including insurance. These factors collectively shape the affordability landscape for borrowers in late 2023 and beyond.
Earlier guidance offered five tips for debt management in 2024, reflecting evolving consumer credit dynamics and the role of income growth, rates, and lending rules in shaping borrowing decisions.