Russians who applied for credit cards last January received significantly fewer approvals than before. According to the Equifax credit history bureau, the number of issued credit cards went down for the first time in the past five years.
In January 2020, Russians were issued 540K credit cards, RBC reports. This number is substantially lower compared to the approvals over the same month in the previous years.
The number of credit cards issued was also going down in Q4 2019. The total value decreased by 11% year-on-year.
Experts believe that this negative trend is easy to explain. Consumer loans are losing their popularity due to the actions of the regulatory authority.