About one in five Russians — 22 percent — are unable to make their loan payments, Vedomosti reported, citing a survey by the International Confederation of Consumer Societies.

Another 18.5 percent of borrowers spend more than half of their household budget on loan repayments. Nearly 21 percent of respondents said their debt burden was too heavy, according to the survey.

Dmitry Yanin, head of the International Confederation of Consumer Societies, said only 13 percent of Russians are prepared to use bankruptcy procedures. Another 55 percent do not know how the process works, and 14 percent “have only the vaguest idea.”

He noted that borrowers who spend more than 30 percent of their budget on loan payments face serious financial and social risks, including mounting penalties, lawsuits, and debt collection.