“Loans help me to maintain my lifestyle,” says Vyacheslav Kondaurov, who, like many Russians, struggles to repay his debts as top officials warn a borrowing bubble might burst
ST. PETERSBURG, Russia—Keen to buy her first car, a Hyundai sedan, Elmira Agaliyeva applied for a bank loan of 800,000 rubles in 2016, the equivalent of around $12,600. Within an hour of filling out the application, it was approved.
“Of course, it was a good feeling, because everything I’ve thought about doing could be accomplished,” said the 34-year-old lawyer, who also does odd jobs to make ends meet.
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