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Russians’ overdue debt on bank loans during 7 months of 2014 has reached 587.6 billion rubles ($16.3 billion). Since the beginning of the year, it has grown by 147.3 billion, or 33%, according to the Russian banking sector of Central Bank.
The total volume of loans, issued by banks to individuals, has reached 10.82 trillion rubles by August 1. Since the beginning of the year it has increased by 860 billion, or 7.9%. In the total amount of issued loans to individuals, the proportion of overdue loans is 5.4%.
Previously, the Central Bank estimated the average credit debt of Russians as two or more minimum wages. The debt is growing simultaneously with increasing rates of issuing retail loans. In the first half of 2014, the volume of overdue loans, which banks sold to collectors, increased by 36.3% up to 109 billion rubles
According to the National Association of Professional Collection Agencies, sales of small overdue loans (50-100 thousand rubles) are growing most actively, they occupy 26% of the market. It is predicted, that this year the volume of debt sold to collectors will amount to 250 billion rubles, which is 50 billion more than it was last year.