Across Russia, about one in five working adults carries two or more loans. Since August, the share of borrowers with multiple loans has grown, and so has the portion struggling to repay debt; currently one in three reports some difficulty. The presence of high debt loads has also risen: roughly one in six now spends half of their monthly income on debt service, and 4% use nearly their entire salary for repayments. These findings come from a survey conducted via the Credit Assistant service, a CosmoVisa fintech platform, and were reviewed by socialbites.ca.
More than half of respondents, 56 percent, indicated a use of credit. Specifically, 28 percent reported one loan, 20 percent reported two loans, and 8 percent reported three or more loans. Compared with August, the share of respondents with two or more loans has increased. In August, 35 percent had one loan, 14 percent had two, and 5 percent had three or more.
About one in three described paying off loans as difficult or very difficult, while one in five occasionally misses a payment. The difficulty rate has risen by six percentage points since August, when the same survey found lower trouble levels. The majority of those who struggle with payments hold two or more loans.
Debt service patterns show 42 percent allocating 10-30 percent of income to loan repayment, 24 percent 30-50 percent, 18 percent more than 50 percent, and 4 percent as much as 80 percent. Only about one in eight borrowers commits to keeping debt payments under 10 percent of income.
In August, the data painted a slightly different picture: 3 percent aimed to dedicate 80 percent of income to repayments, 16 percent targeted 50 percent, and 19 percent planned to allocate 30-50 percent of income.
CosmoVisa’s chief operating officer, Dmitry Mikhailov, notes that a high debt burden reduces monthly real income and can trigger a drop in creditworthiness. This weakened credit score often influences banks’ decisions on loan approvals, making it harder for borrowers to obtain new credit. The survey underscores how a tougher economic environment can magnify debt challenges and influence lending behavior.
Earlier commentary commented on the impact of the Central Bank’s higher interest rates on borrowers and lenders alike. The discussion highlights how policy shifts can ripple through household finances and credit markets.