Lending remains a mystery

Most Russians have only a vague idea about the conditions of taking the loan. This statement was made at an international conference "Credit cards: an effective business," Deputy Director General, National Agency for Financial Studies (NAFI) Dilara Ibragimov. In its report on financial literacy, she read out the results of a survey conducted by NAFI in the period from April 2008 to September 2010 As it turned out, in July this year the picture was as follows. Almost 40% of Russians (37%) use payroll cards, 21% took a consumer loan, 16% have opened a bank demand deposit, and 9% used the term deposit. Another 5% have debit cards for the deposit and only 3% of our fellow citizens have got credit cards. In addition, during the ongoing survey all respondents were asked the following question: "Do you agree with the view that the return taken as a bank loan is not necessarily for good reasons?" So, 44% of the respondents reacted to such a declaration categorically negative, 26% were "somewhat disagree", difficult to answer 11%, while the other 6%, on the contrary, fully agree with the wording of the question. It is interesting that more than half of responding (55%) said that the bank should not require repayment if the borrower has suddenly lost his job or his income level has decreased. This was stated by 55%. But added other reasons why the debtor can not return the loan. Among them: "The Bank itself has deceived a client, hiding the real cost of credit" (44%), the Bank unilaterally increased the interest rates and loan payments (38%), "A man can not pay the loan because of sudden-onset circumstances "(33%)," Man did not calculate their financial capabilities and now has to spend on repayment of almost all its revenue (13%), "Do not know" (27%). Ibragimov also noted that the bulk of our population does not know how the bank should disclose the full cost of the loan to the borrower. For example, only 4% of respondents know that the total cost of the loan must be expressed as a percentage per year on average. The fact that the entire amount of the loan expressed as a percentage for the entire crediting period have 11%, other 8% suggested that this sum in rubles on average, while the majority (53%) believe that the full cost of the loan - the amount in rubles for the whole crediting period. The fact that the financial literacy of Russians at a low level, it is no secret. On this forum said the bank and head of the Association of Regional Banks Anatoly Aksakov. President of the BDA said that to solve this problem, the Association has already established a Centre for improving financial literacy.