A draft law on writing off debts on loans is in the State Duma under development. It is possible that already in 2020, Russians who are not able to repay debts to the bank will fall under the amnesty of credit and free themselves from the excessive burden.
Loaned in loans
The situation in the Russian market of credit services is close to critical. Echoes of the financial crisis, Western sanctions and stagnation of the market have caused the formation of bad debts among a large number of citizens. At the same time, the number of loans issued continues to grow steadily. Experts believe that one of the main reasons for the increase in borrowing of the population is the availability of loans. This is especially true of microloans - cash loans with high interest for the use of funds. It is often possible to get easily accessible, but “expensive” money without proof of income and without a security deposit.
Representatives of the banking sector believe that citizens do not always adequately assess their material capabilities. Financial illiteracy is another reason for the accumulation of bad loans. Debtors justify their position with low incomes, constant price increases or unforeseen situations that unsettle them. As practice shows, often several missed payments turn into astronomical debt. Commissions and fines are added to the main amount. To solve the problem, debtors take a second loan, thereby driving themselves into a debt hole.
This state of affairs negatively affects the country's economy. After all, loans form a temporary increase in production, creating the appearance of high market conditions. As a result, this can lead to production going beyond the solvent demand of the population, overproduction and exacerbation of economic crises. In simple words - people buy something that, in fact, they have not earned yet. A debt bubble inflating in the consumer lending market may burst at any time. The best way out is debt write-offs for individuals. It was with this proposal that the deputies of the communist party came forward.
According to the united credit bureau, as of April 1, 2018, the volume of bad debts of Russians to banks amounted to 1.52 trillion. rubles, and as of April 1, 2019, it is already 1.6 trillion. rub. According to experts, in 2020 bad debt will continue to grow, which threatens the banking crisis.
The essence of the amnesty bill
Unfortunately, it is not possible to write off all debts on loans completely. If the bill is approved, then in 2020, with the help of a credit amnesty, only fines and bank penalties will be reset. That is, the main debt and interest on it will have to be returned to the bank anyway. According to the text of the new bill, the citizen will have the opportunity to pay off the main debt first, and only then proceed to pay interest on the use of funds.
The exemption will not be granted automatically to all debtors. Each case and applicant will be considered individually. Deputies explain to whom the debt will be written off - to a conscientious citizen who is in a difficult situation. “Reasonable” reason may be recognized:
- job loss;
- illness of the borrower or close relative;
- disability;
- loss of sole housing.
Thus, malicious defaulters should not count on canceling debts.
The authors of the law took care not only of those who should, but also of those who should. As a result of the amnesty, credit organizations will not remain “at a loss”. It is assumed that part of the lost funds to banks and MFIs will be returned to the state from the federal budget.
According to the Central Bank, the total number of retail loans as of April 1, 2019 increased to 15.5 trillion. rub. compared with 12.6 trillion. rub. April 1, 2018. According to representatives of the banking structure, at the current level of the average salary, the population takes loans not only for large purchases, but also for essentials (small household appliances, clothes, shoes).
What to do before the law is passed
Experts advise not to sit back, waiting for the adoption of the bill. The following actions are recommended:
- Contact a bank or MFI and write a loan restructuring application. Perhaps the management will go to a meeting and the amount of debt will be divided for a longer period, thereby reducing the monthly payment.
- Assess the property owned and sell some part of it. The proceeds to pay off loans.
- Enable saving mode. Living exclusively within our means and not spending money on what you can do without.
- Try to find additional sources of income. Currently, trying everyone as a freelancer is available to almost everyone.
- Borrow money from close friends or relatives.
To permanently get out of the debt hole, experts recommend not taking new loans, not using a credit card and installments from stores.
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