Russian personal debt reaching crisis level

RUSSIA / FSU POLITICS - In Brief 18 May 2021 by Alex Teddy
On May 17 the Duma was told by the Russian Central Bank that payday loans could be reaching crisis level. A bubble has formed. Household spending is the lowest since 2009. Households have borrowed to cover essential purchases.The number of loans over 90 days behind rose 20% in Q1 2021. These are now worth USD 13.5 billion.The Central Bank called for new laws to oblige banks to tell borrowers when a loan will bring them over a 50% debt-to-income ratio.

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