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Growth in overdue consumer loans doubled over the year

Growth in overdue consumer loans doubled over the year

In Russia, over the past year, the growth in the number of debtors with overdue consumer loans has doubled. The share of monthly income that Russians use to pay off overdue debts does not exceed 10%, before the start of the pandemic it was about 20%.

This is reported "Vedomosti" with reference to the calculations of the National Association of Professional Collection Agencies (NAPKA). The number of debtors with overdue consumer loans increased by 8% over the year. Currently, the number of such debtors has reached 5,4 million.

According to collectors' data, about 80% of debtors were overdue on one loan, 15% on two, and 3,5% of borrowers did not make payments on three loans on time.

According to Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, given the weakening of the pandemic, the volume of overdue debt should begin to decline. Nadezhda Karavaeva, senior analyst of bank ratings at the National Rating Agency, believes that the increase in debt is influenced by the fact that credit holidays were not available to all borrowers: out of 3,3 million applications, 1,2 million applications were refused.

According to the executive director of Creditter Farida Valueva, in the event of financial difficulties, borrowers prefer to refinance in microfinance organizations, thereby aggravating their financial situation. Experts recommend not to do this, but to try to negotiate with the lender in order to use the loyalty program.

At the end of last year, the bailiffs employed 7,8 million cases of unpaid debts credit institutions. The 1,3 million of these industries included residents of the country who had reached retirement age.

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