Barinov A.S.Saint Petersburg State University, St. Petersburg, Russian Federation kfdaters@mail.ru ORCID id: not available
Importance There are few studies into the debt burden of the population, thus necessitating a new comprehension of this phenomenon. This may give a new impetus to screening undetected threats as part of the economic security concept, which should be taken into account, and setting new thresholds. Objectives The research identifies the potential for household debt as a separate economic phenomenon from perspectives of a direct threat to financial stability and economic security of the country. The research directly aims to show how considerable household debt may morph into a destructive factor influencing the economic reality. Methods The research involves the main methods of economic, statistical analysis, and approaches applied as part of the national economic security concept. I also use a correlation, comparative and descriptive analysis. Results The article demonstrates that it is necessary to devise metrics of household debt to improve the economic security concept and timely detect a possible threat to financial and social security. Analyzing the Russian and European statistics, I devise and propose relevant indicators and range of their thresholds. Conclusions and Relevance The difficult socio-economic situation directly influences the economic security, considering high household debt and lower efficiency of the lending mechanism. It causes a spike in the percentage of overdue debt and concurrent drop in retail lending. Both cases engender conditions inhibiting the economic growth, thus undermining Russia's economic security.
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