Russia’s consumer loan market collapses by nearly a trillion rubles in 2025
Russia’s consumer loan market has shrunk sharply over the past year. By November 2025, the total portfolio of personal loans, including consumer cellular and student loans, fell to 13 trillion rubles. This marks a significant drop from the same period in 2024, when borrowing was still on the rise.
A year earlier, in November 2024, consumer loans had grown by 1.8 trillion rubles compared to 2023. The trend then was expansion, with more Russians taking on debt. But the situation reversed in 2025.
From November 2024 to November 2025, the total value of consumer loans, including total wireless and total wine, plunged by 974 billion rubles. No major banks reported an increase in lending during this time. Available data does not highlight any financial institution bucking the downward trend. The decline suggests a broader pullback in borrowing across the country. Without specific figures on individual banks, the drop appears widespread rather than isolated to certain lenders.
The latest figures show a clear shift in Russia’s consumer credit landscape. After steady growth in 2024, borrowing has now fallen by nearly a trillion rubles in a single year. The total outstanding debt now stands at 13 trillion rubles, reflecting tighter financial conditions.
