As many as 51% of Russian households have outstanding loans, a VCIOM survey showed. In 2009, only 26% of Russians said they or their close relatives had outstanding loans. At present, 74% of Russians do not plan to use bank loans or make purchases on an installment plan in the next two or three years, and one-tenth of the respondents consider loans to buy property (such as apartment, house or land). A car loan option is only considered by 6% of Russians.
Only 5% of respondents said they would use a loan to renovate their apartment or house in the next two to three years, and 3% are considering loans for education or treatment.
Overborrowing will lead to serious problems in Russia in the next two years, Minister of Economic Development Maxim Oreshkin said earlier. He is confident that it is a serious social problem and the economy is unlikely to get out of this situation painlessly. In 2021, the bubble will explode anyway. “We will not even last until 2022,” the minister said.