More Russians Say Charge It
Business Week reports on the growth in consumer credit in Russia.
According to the Russian Central Bank, retail lending to private citizens hit $15 billion by mid-2004, a 50% increase in six months, and up from just $1 billion since the start of 2000. Despite this phenomenal growth, Russia's consumer-credit market -- installment loans, credit cards, car loans, and mortgages -- is still in its infancy. Total consumer debt makes up just 3% of Russia's gross domestic product, compared with 75% of GDP in the U.S., and around 20% to 30% in Eastern European markets such as Poland.
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