The Russians continue to spend more than they can afford

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The Russians continue to spend more than they can afford. This is evident not only in terms of sales of bulky goods, but also the results of numerous surveys concerning the assessment of the financial situation and personal well-being. Where is the money? And everything is easier than it seems.
In today’s publication “Kommersant”, citing data from the credit history Bureau “Equifax” says that in January-March 2018 dramatically increased the size of the average check for the cash loan. These are the credit offers “fast and now”, on “emergency needs”, which are full of brochures of the banks. As a rule, the size of such loan is relatively small, up to 150-180 thousand rubles, and the rate is higher than normal.
In Bureau of credit histories indicate that increases not only the number of loans of this kind, but their size. On average, such a check made during the first quarter of 141 thousand rubles, and the maximum for Russia and a loan of this kind. What wonder, if in time of crisis, the Russians actively sought suggestions MFI format “to pay” under extortionate percent, and now estimate the rate and take more than two or three times.
On the one hand, after the policy of the Bank of Russia lowering its key interest rate, retail banks are also reducing lending rates. On the other – the lack of economic and political turmoil in Russia for the past one and a half years (April shake-up of the market does not count, it is a local and narrow history) to relax the consumer, which is easier to part with money, even though to earn during this time he was no more.
Here is a very important facet of sensible assessment of its own forces. The growth of demand for cash loans at banks could complicate the story with the level of debt load of the population, which over time can cease to soberly assess their financial capabilities. For Bank it is additional risk as the borrower. What to do? First of all, stop living on credit and buy only those goods the purchase of which does not drive debt obligations at least at the household level, this advice applies to everyday appliances, gadgets, travel packages, and more.
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Anna Bodrova,
Senior analyst,
Alpari