Russians have started spending more than a third of their approved credit card budget, according to RBC citing a study by the Scoring Bureau.
The research found that consumers are actively using credit cards for daily expenses, while putting off transferring their savings from deposits and accounts.
In August, the utilized portion of the credit limit increased by 1.9% to 33.9%. Experts attribute the growing share of credit card utilization to high deposit and savings account rates.
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“The growth in utilization is linked to rising consumer prices, meaning the number of transactions may have remained the same, but the amount of operations via cards has increased in line with prices,” suggested Oleg Lagutkin, CEO of the Scoring Bureau.
Vasily Karpunin, Head of Analytics at Alfa-Investments, called the growth in credit card utilization an inevitable trend against the backdrop of a sharply increased risk-free rate, where savings accounts with daily interest accrual on any balance have reached 17-20%.
Previously, Izvestia newspaper reported that Russians had placed around 80% of their savings in bank deposits as of the end of the second quarter of 2024.
