Creditworthiness of Russians decreased for the first time in 2.5 years

The total volume of loans to Russians in December 2024 decreased by 192 billion to 36.9 trillion rubles, according to the data of the Central Bank, which analyzed "Izvestia". This is the first decrease since May 2022.

Not more, but less: Russians have tempered their credit appetites

The average amount requested in 2024 dropped 10% to 574.7k.

This means that citizens have repaid more debts than they have accumulated this month. The creditworthiness of the population has finally begun to decline, although only slightly, explained Alexei Tarapovsky, founder of Anderida Financial Group.

The Central Bank confirmed to Izvestia that the retail loan portfolio shrank in December. However, only the debt on unsecured loans decreased by 271 billion, the press service of the Bank of Russia added. Mortgages and car loans continued to grow.

The regulator explained: the slowdown in lending is due to tight monetary and macroprudential policy (high interest rates and, for example, quantitative restrictions on the issuance of unsecured loans to borrowers with a high debt load). And also - with the absence of large-scale state support for mortgages after July 2024.

"The slowdown in lending in Russia can be considered a positive trend because against this background inflation in the country is expected to cool down. For this purpose, the Central Bank and tightened monetary policy and the conditions for issuing loans," said Freedom Finance Global analyst Vladimir Chernov.

In his opinion, the trend of slowing down lending will last at least until the second half of 2025.