MOSCOW, June 24, 2009. Russian Public Opinion Research Center (VCIOM) presents the data describing how many outstanding loans currently Russians have and how they assess the possibilities to pay off debts.

More than every forth Russian have outstanding loans (26%). As a rule, they are residents of small cities (30%), respondents aged 25-44 (30-35%), as well as those who can afford to buy consumer durables (31%). Nevertheless, 74% of Russians do not have outstanding debts. Most of them are Muscovites and St.Petersburgians (80%), elder citizens (90%) and those who do not have money even to buy food, let alone the clothes (78%).

Russians often obtain loan for car purchase (22%) and urgent needs (21%). Eighteen percents obtain loans to get audio and video electronics, domestic appliances, telephones, 14% - to cover house repair expenditures, 12% - for real estate purchase, 10% - for furniture. Rare Russians spend loan for education, medical and other services (5%), as well as computer equipment (4%). Russians with high level of income tend to spend loans on cars (32%); those with average level of income - on urgent needs (23%) on real estate (14%), those with low level of income - on audio, video and domestic appliances, telephones (22%) and repair (24%). 

The majority of Russians (61%) assess their chances to pay off credits optimistically: every fifth (20%) are confident that it is not easy, and 41% think that they need little efforts for that.  Thirty-five percents predict that that it will take lots of efforts to pay off credits, and 2% think they will not able to pay off debts. Respondents who have financial savings do not see any difficulties to pay off debts (42%), unlike those who do not have any savings (41%). And finally, both of them think that it will take little efforts to pay off loan debts (41% for each).

Every fifth (21%) spend half of their earnings or even more on payments on the loan: 13% - half of earnings, 8% - more than half (2006 – 10% and 6% respectively). Every tenth (11%) spend 30-40% of total earnings, 19% - approximately 20-30% of family income (compared to 2006, the share of such respondents decreased from 23%). Most of respondents say that they spend 10-20% of family earnings (24% report so, in 2006 году – 39%). And finally, for 18% of Russians monthly payments make up less than one tenth of the total earnings (the share of such respondents has increased from 12% since 2006). Russians who have savings often mention that their payments on credit are not more than 20% (29-30%). And those who do not have any earnings four times more report that  they spend more than half of their family budget (40-50%)  (16% against 4% among those who have savings).    

Russians increasingly report that it is getting harder to pay off debts due to the crisis (52%). Most of them are Russians with low level of income (66%); 41% have not felt any changes – most of them are Russians with high level of income (61%). And finally, only 2% report that the crisis made it easier for them to pay off debts. The share of those who have savings and do not see crisis impact (60%) is equaled to the share of those who do not have saving and report that it has become much harder to pay off debts.  

The initiative Russian opinion polls were conducted on June 6-7, 2009. 

1600 respondents were interviewed at 140 sampling points in 42 regions of Russia.

The margin of error does not exceed 3.4%.

Note: Using materials from the site www.wciom.ru or www.wciom.com, as well as distributed by VCIOM,

the reference to the source (or hyperlink for the electronic media) is obligatory!