Expert Kuzmin spoke about the emergence of a new credit trap in the Russian Federation

A new credit trap is becoming popular in Russia. This was announced on March 22 by Alexey Kuzmin, Chairman of the Board of JSC National Savings Bank.

According to the expert, MFOs (microfinance organizations) now offer products similar to bank loans: with low monthly payments and loyal terms. However, the cost of such money is prohibitively high.

"The main danger is that a person psychologically underestimates the overpayment. When the term stretches, the monthly load seems feasible, but the total amount of interest may be many times higher than the body of the debt," Kuzmin warned in an interview with the Prime agency.

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