Russians are increasingly taking loans in order to repay old loans

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Loans to repay old loans continue to gain momentum.

In the first half of 2018, the average amount of a consumer loan taken for refinancing increased by 17% compared to the same period of 2017 and amounted to 520 thousand rubles.

Leading positions in terms of volume are held by consumer loans: in July 2018, Russians refinanced loans for a total of twice the high result of July 2017. In July 2018, borrowers with car loans increased refinancing volumes by 1.6 times compared with 2017.

The number of refinancing contracts has also increased significantly: in the first half of 2018, over 131 thousand contracts were concluded against 92 thousand in 2017. As a result, the share of refinancing consumer loans from all disbursements amounted to 2.28%, which is 0.78 percentage points higher than in the same period of 2017.

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