The United Credit Bureau (UCB) reports that in January the volume of credit cards issued by banks decreased by 22% compared to the same period last year.

According to OKB data cited by Kommersant, in January 1.99 million credit cards were issued in the Russian Federation, their total limit amounted to almost 203 billion rubles. The volume of credit cards issued dropped by 37% compared to December, and when compared with January 2023, the issuance decreased by 22%. Experts believe that in today’s economic situation, Russians prefer not to spend, but to maintain saving behavior. But February indicators indicate that the rate of decline in demand for credit cards has begun to slow down.

The high key rate of the Central Bank of the Russian Federation drags down the cost of bank loans. The total cost of credit (TCC) today averages 30% per annum. Credit card rates fluctuate widely with a lower limit of around 9%, with the TSC starting at 12%.

The level of debt exposure of the population is actively regulated by the Bank of Russia. The Central Bank set new limits for banks for the first half of the year, according to which it is more difficult for citizens with a high debt load to obtain a loan.