The question regarding what will be with loans in the case of a default is relevant and interests a significant number of citizens — this is all related to the unstable economy of the country.
For citizens, the concept of «default» causes associations since 1998, when the shelves in stores were empty and the ruble rate fell significantly. Over the past 20 years, not only Russia had to face this phenomenon, but also to such countries as Argentina, Uruguay and Mexico. Let’s consider in more detail what the «default» is provided?
Defalt is the impossibility of the country to pay loans within the state, as well as abroad. It provides for the transition of the population into a more severe economic situation, and many banks can generally be on the grain of bankruptcy. That is why borrowers want to know what will be with their loans during default in Russia.
In Russia, «Defalt» was only once in 1998. The country had no opportunity to pay off foreign banks. Banks significantly changed the parameters of their work. After a default, credit organizations began to significantly overcome interest rates on loans. This procedure was necessary in order for during the next crisis, banks could incur minimum losses.
If in countries with more developed and stabilized economies, interest rates have not exceeded 10%, then in Russia they could reach 30% per year.
Loans received in foreign currency are less susceptible to default and are cheaper than Russian loans, but not every borrower has experience in making loans abroad.
Experts with confidence can not suggest that the Russian economy is waiting for this year. Currently there is a global economic crisis associated with the consequences of restrictive measures, which in each country is reflected in different ways.
The Russian government takes all sorts of measures to protect citizens from default. However, there are situations that cannot be ignored.
If we rely on forecasts of economists, then in the near future we all waiting for the world recession. For a long period in countries there was a rise, which in the end leads to one — the global recession. In Russia, «default» may appear in the intensive fall of the ruble.
Even at the beginning of last year, financial brokers warned that the Russian ruble would go to the decline. At that moment, many missed this information and did not take seriously. The population continued to execute credit obligations without thinking about possible consequences. As a result, a rapid decline in prices for petroleum products and an intensive increase in the value of the dollar. The inability of the country to cover debts in foreign countries can lead to bankruptcy.
This phenomenon is possible only if the debtors will not be able to pay with their responsibilities. If financial companies refuse to pay international obligations, this will lead to an economic crisis in the country. Also, sharp jumps of the ruble and foreign currency can also lead to the emergence and development of the default, with which the Bank of Russia still cannot cope.
Thus, to predict how events will develop in the country’s economic sphere — it is impossible. Defalt may be a surprise, the same as last time.
The answer to the most important question «What will happen to loans?» — With default, all debts will be forgiven!