United Credit Bureau of Russia, which provides fraud prevention services to the nation, has said that Russians took $130 billion of loans last year throughout the country, since there was a decline in personal income. Russian economic growth has been on a disturbing edge due to several reasons, such as volatile currency, western sanctions, and low oil prices. Hence the profits consistently dropped in 2018 too, which appeared in the form of increased figures of the loan amount.
Financial institution and agencies have issued loans to more people in 2018 as compared to 2017. The types of issued loans include cash loans, credit card loans, and car and home loans. In 2017, Russians had taken $90 billion of loans which are 46% less than the numbers of 2018. The reason for the loan amount increment in 2018 is not only the decline of personal income, but also the increased reliance on credit cards. People want to keep their bucket full of things by relying on credit cards loan providers such as Slick Cash loan which provides credit card and installment loans worldwide without the interference of the third party.
Credit card loans and mortgage loans have shown tremendous increment in numbers as compared to the other types of loans. The total amount of credit card loan grew by 40 percent in 2018 as compared to that of 2017. And the amount of mortgage loan grew by 35 percent in 2018 as compared to the previous year. Cashed loans have reached a high number for the third time in 2018. This shows Russian people mostly take loans to solve their financial needs as compared to other countries.