Debts of Russians on loans are growing twice faster than wages

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Долги россиян по кредитам растут в два раза быстрее зарплат

The growth in consumer loans in June 2018 was 15.9% in annual terms, while real wages grew only by 7.2%, according to a review of the Ministry.

Yesterday, 1 August, Minister of economic development Maxim Oreshkin said that the rapid growth of consumer lending threatens inflation, prevents the lowering of the key rate of the Central Bank and makes loans to the companies.

“One of the reasons why we have not such high lending to businesses, not only small and medium and large — now, banks have concentrated on lending to the population. We now have a growing portfolio of consumer loans over the past 12 months more than a trillion rubles, a very active growth and the pace now is accelerating”— he said at a meeting on the role of regions in the development and implementation of national projects (quoted by TASS). Mr. Oreshkin believes that consumer crediting will slow down in the coming years.

In February, the head of the Central Bank Elvira Nabiullina promised to continue to adjust the regulation of consumer loans, which “should grow at a pace comparable with the growth of incomes of the population, and, of course, should be comparable with loans to the real sector of the economy.”

Respondents ‘ b ‘ analysts of banks believe that now in Russia there are signs of growing debt load of the population.

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