Source Pravda.Ru

Financial bubble in Russia about to burst as mortgage debt reaches all-time high

Russia » Economics

The Federal Bailiff Service (FSSP) has provided a report about the total debt that Russian citizens hold. According to the agency, Russians citizens owe a total of 3.8 trillion rubles (about $264 billion) as of October 1, 2018.

The FSSP report said that there were 31.3 million enforcement proceedings pending as of early October 2018.

Over the course of one year, the amount of debt has increased by 5.5 percent, or 0.2 trillion rubles.

In late October, it was reported that the mortgage debt in Russia reached an absolute historical maximum and was evaluated at 2.07 trillion rubles. As many as 1.3 million Russians cannot leave the territory of the Russian federation because of their debts (the FSSP prohibits debtors from leaving the country).