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Russians Rush to Buy Electronics on Credit Amid Ruble Plunge

More Russians are holding out loans to buy home appliances and wiring as a ruble drops to ancestral lows opposite a dollar, a Kommersant journal reported Friday, citing banking zone specialists.

In January, Home Credit Bank released sell loans value 7 billion rubles ($88 million) and Renaissance Credit Bank released loans value 3 billion rubles ($38 million), Kommersant reported.

Jan is customarily a slightest renouned month for sell loans.

However, a series of loans given this month matched Nov amounts, traditionally a many renouned month for holding sell loans, a journal reported.

The infancy of those holding out loans used them to squeeze home appliances and electronics, according to a newspaper. Increased direct for these equipment has also been remarkable by retailers.

Industry experts polled by a journal couple a flourishing direct for loans for a squeeze of refrigerators and televisions to a weakening of a Russian currency, that led to increasing prices of alien electronics.

Many retailers have already increasing their prices by 30-40 percent amid a weakening of a ruble. As a result, many Russians design serve cost hikes and confirm to squeeze products in advance, pronounced Yevgeny Lapin, comparison clamp boss for growth and selling during Renaissance Credit.

A identical trend was purebred in Jan final year. However, now many Russians can't means to squeeze wiring themselves and are forced to take loans.

Article source: http://www.themoscowtimes.com/article/556533.html