NEWSWATCH BBC: Russian debtors despair as boom turns to bust

The BBC covers the Russian economic crisis and the plight of Russians who took on debt during boom times only to face misery and potential disaster now.

Millions of Russians took out loans during the economic boom years, but now they face crippling debts and the law is not on their side ….
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… the Russian United Credit Bureau (UCB) [says that] 40 million Russians have loans or mortgages. By June, 12.5m of those loans had not been paid for at least a month …. The Russian Central Bank says … chronic debts now total 1tn roubles (£10.7bn; $16.7bn) … at least 10% of the total personal debt …
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… Money got tight after the 2008 global financial crisis and Western sanctions … Debtors cannot get much help. …

Click here for BBC: “Russian debtors despair as boom turns to bust”