Russians owe banks 1.15 trillion rubles

Russians owe banks 1.15 trillion rubles

Last year, rates of borrowers' payment discipline seriously deteriorated in Russia. According to the United Credit Bureau, overdue loans increased by 48% to 1.15 trillion rubles in December 2015.

The share of overdue loans increased by 1.15 percentage points (pp) up to 16.81% last year. At the same time, most of the "bad" debts were overdue by more than 90 days: the proportion of such loans reached 12.5% by the end of December, reaching 1.66 percentage points. The number of loans overdue increased more than 9% to 12.6 million loans, as well as overdue loans by more than 90 days increased by 23%, amounting to 9.5 million loans.

"It should be noted that the increase is mainly due to old debts (with payments overdue by more than 90 days). The proportion of such debts exceeds 95% of the total debts. Unfortunately, it is almost impossible to return this money and the banks are forced to clear their portfolios by writing off "bad" debt collectors, or selling portfolios to debt collectors,'' Interfax cites the General Director of the OKB, Daniel Zelensky.

The worst situation is in the mortgage sector, which had been quite stable: debts grew 58% to 132 billion rubles. However, the number of overdue loans on mortgages for the year decreased by 3% to 82,000 loans.

The professor of the department of finance, money circulation and credit at RANHiGS, Yuri Yudenkov, stated in an interview with a correspondent of Vestnik Kavkaza that such a deplorable situation appeared due to three circumstances – one of them is the reduction in the incomes of the population, when rises in prices exceeded the growth of wages. As a second factor the expert named structural changes related to the ruble exchange rate regarding foreign currency loans, not only mortgages, but also taken for the purchase of vehicles and other equipment.

"The third is the human factor, which happens when people use credit cards and cannot determine their purchasing power and requests. Banks actively spread credit cards and various credit schemes. As a result, you can go wrong by determining your finances with wishes. A card extends your ability to purchase goods. When you had only cash you couldn't buy anything without it. Now it turns out that you can have no cash, but you have a credit card that allows you to buy and live in the same way as before. But the situation has changed, because your ability has been sharply narrowed,'' he explained.

Professor of the department of the stock market and investments at the Higher School of Economics, Alexander Abramov, also believes that such a serious problem is caused primarily by a decrease in real incomes of citizens of 10%. "In addition, it's hard to refinance debt, because interest rates remain high," he said.

The expert explained that the situation may be considered as dangerous for the stability of the banking system when the rate of bad debts reaches 8%, and the amounts that people will have to spend on the payment of debts exceed 30% of total revenues. "On the one hand, banks are forced to reserve funds for these debts, making them unprofitable. And in terms of population, it exacerbates the problem and becomes a source of social tension due to the ongoing decline in real incomes,'' Alexander Abramov stressed.

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