The Russians got into credit card debt at a record

Banks issued a record number of credit cards to Russians stories “Equifax”.

The total volume of debt of Russians on credit cards in October increased by 2.5 percent and amounted to 1.2 trillion rubles. At the same time, for the first time in several months, the volume of overdue debt decreased by 0.5 percent, to 2.66 million cards, and by 0.2 percent, to 159.2 billion rubles. Soon, the volume of credit card delinquencies will decrease by two percent, since banks will write off the most problematic debts by the end of the year, says Oleg Lagutkin, Equifax CEO.

The number of issued credit cards increased by about a million in October (plus 2, 2 percent compared to September), to 44.3 million units, which is also a record figure. By the end of 2021, the number of issued cards may exceed 45 million, Lagutkin suggested.

Recently, the Central Bank has repeatedly drawn attention to the high debt load of Russians. The Central Bank believes that the number of loans issued exceeds the growth of household income. On November 24, the State Duma adopted in the third and final reading a draft law allowing the Central Bank to introduce quantitative restrictions for banks and microfinance organizations on the issuance of credits and loans.