Credit Expansion in Russia: Two-thirds of Working Citizens Are in Debt
Since the beginning of the full-scale war, the number of citizens with loans in Russia has increased to 49.7 million by July 1, 2025. This means that two-thirds of the working population of the country are in debt. The number of borrowers has increased by 7 million since the start of the conflict.
The reasons for the increase in debt obligations are varied. Until July 2024, a state-supported mortgage at 8% annual interest was in place in Russia, which could have encouraged the population to take out housing loans. At the same time, a significant growth in real incomes, which reached 9.2% over 9 months in 2025, did not stop the increase in debts. The number of citizens with obligations to microfinance organizations (MFOs) rose from 3.8 million to 6.3 million. Overall, the number of people indebted to banks and MFOs grew from 3.5 million to 7.5 million.
Catastrophic Increase in Debts
A catastrophic increase in microloans is also noted: the total indebtedness of Russians to banks and MFOs has risen by 60% over three years and amounts to 37.9 trillion rubles. The share of problematic consumer loans reached 12.9% in October 2025, while problematic mortgages increased from 1% to 1.7%.
Elvira Nabiullina comments on this situation, noting that 'people take loans out of a bad life, out of despair — their incomes are insufficient, and from a good life — because they can finance an improvement in their lives now based on future incomes.'
This situation raises concerns among experts and analysts since the growing indebtedness may lead to financial risks for the population of the country.
The increase in debt obligations among Russians, especially under conditions of economic instability, underscores the serious challenges facing the country. Many people find themselves in a financial trap, which could exacerbate social issues. Therefore, monitoring the lending situation is vital to prevent further growth of problematic loans and ensure the financial stability of the population.