Loans interests will continue to accrue during «loan vacation»

Quarantine is not a hindrance for extortion

The Bank of Russia has explained the mechanism of the «loan holidays» promised by President Putin to the population. The main idea is that you still have to pay, and interest on loans will continue to accrue.

Loan sharks are taking people by the throat
Loan sharks are taking people by the throat

The so-called “loan vacation” law regulates the relations of borrowers and lenders during the grace period introduced in Russia due to the forced quarantine lockdown. So, during the grace period those citizens whose income has decreased by more than 30% compared with the average income in 2019 may receive a six-month deferment on payments on their loans. The loans themselves, however, will not disappear, payments will have to be resumed after the end of the «vacation».

And now it turned out that during the grace period interest on loans will continue to accrue. Thus, in the absence of the main debt repayment, the total amount that the borrower will pay to the bank will only increase. That is, the borrower “buys” from the lender the opportunity to defer payments for the time being. This additional robbery is presented as an incredible concern for the welfare of citizens — of the same 40% of Russians who had at least one loan in 2019, and those who had not yet managed to get into these statistics in 2020. Recently, Vladimir Putin said that in Russia 70% of the population belong to a certain “middle class”. Apparently, this is the one that is completely chained down to loans. And it is for these «middle class» people that the caring leaders of the state prepared another loan fraud in the midst of the crisis.

The bourgeois state has once again demonstrated its attitude towards the working people. Any crisis, any emergency is used by “effective managers” to profit from the population. No matter how poor people are, as long as the last thread can be taken from hard workers, the capitalist will do this.