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Russians began to use credit cards more actively

Russians began to use credit cards more actively

Russians have begun to use credit cards more actively. In July, experts recorded a surge in the activity of credit card holders. The share of citizens who spend money immediately after receiving it has reached an all-time high.

As the KommersantAccording to the results of July, the level of utilization of the limit increased by 14 percentage points, up to 68%, within the first month after receiving a credit card. Both borrowers with a small limit and more affluent borrowers began to use credit cards more actively.

Experts believe that the increase in the use of all categories of limits is due to deferred demand after the lifting of quarantine restrictions due to the coronavirus pandemic. The quarantine could affect the financial behavior of residents of the country, and this led to a decrease in the number of those who take a credit card just in case.

However, analysts warn that the majority of those who made purchases on credit cards in July will not be able to close the debt in the interest-free period due to the instability of the labor market during the pandemic.

Earlier it was reported that holders of credit cards in Russia reduced by almost 50% their use in April. Compared to March, the indicator decreased by almost 6%.

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