Approximately 207,000 residents of Sverdlovsk are currently restricted from traveling abroad. Let's identify these individuals.
Travel Restrictions for Debts Impact Young Adults in Sverdlovsk
Travel restrictions related to debts are affecting a significant number of residents in Sverdlovsk, particularly those aged 29-39. This demographic often turns to microloans to cover personal or urgent expenses, but when unable to repay, they risk being barred from traveling abroad.
According to recent data, microloans in Russia have surpassed credit card offers for the first time, making them a common financing tool among young adults. However, the high interest rates associated with these loans can lead to a heavy debt burden, as reported by the Central Bank of Russia.
In Sverdlovsk, travel restrictions apply to residents who owe alimony or compensation for moral damage if they owe more than 10,000 rubles. Approximately 67,000 residents aged 29-39 are currently restricted due to credit and alimony debts. This number represents a significant increase from the previous year, according to DK.RU and RIA Novosti.
The travel ban is a domestic enforcement tool aimed at encouraging financial discipline among Russian citizens. It is part of a broader effort to manage the country's economic challenges, including tightening of credit and financial flows post-2022 sanctions.
The "Progress of Enforcement Proceedings" service on the Gosuslugi website can be used to check if a travel restriction has been imposed due to debt. Experts believe these high interest rates increase the overall debt burden on clients, potentially leading to an increase in the number of travel restrictions. However, this potential increase has not been explicitly reported.
By November of the previous year, 70% of all new loans taken by Russians were short-term (IL, Installment) and "until payday" (PDL, Pay Day Loans) microloans. The majority of the residents aged 29-39 who are unable to travel from Sverdlovsk are men and women.
As of last August, more than 280,000 residents of Sverdlovsk had been restricted from leaving due to debt. This number has since increased to over 280,000, according to the latest data. The interest rates on unsecured loans from MFIs ranged from 39.3% to 284.9% per annum in the fourth quarter of 2024, depending on the amount and term.
The increase in microloan usage and high interest rates could potentially contribute to an increase in debt-related travel restrictions in regions like Sverdlovsk. While this dynamic restricts the freedom of movement for indebted individuals, it may also encourage them to resolve their debts domestically, creating a feedback loop.
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