ИСТИНА

Consumer loan debt has a big role in Russian economy. Although the legislation allowed the households to take consumer credits since 90s, the role of consumer credits was insignificant at that period of time. The situation has changed at the beginning of the XXI century. The salaries were lower than the technological development of Russia. The households started to take consumer credits. The consumer credits were the most profitable investments for the commercial banks due to the high interest rates. In Autumn 2019 there was a discussion between the Ministry of Economics and the central bank about the situation with the growth of consumer loan debts. The Ministry of Economics worried about this situation. The pandemic situation followed the incomes drops of the population. We present a modification of the Ramsey model that describes the consumer behavior of the households.