The indebtedness of Kazakhstan’s population has raised concerns within the government. Experts are suggesting various solutions to the problem. Prominent political analyst Daniyar Ashimbayev proposed on his Telegram channel to prohibit fast credit services for the public. His statement can be summarized as follows:

«Recently, the Majilis held hearings on the population’s indebtedness, and Speaker Erlan Koshanov rightfully expressed concerns about the financial system. The issue is not new: the population is in debt. However, there are several aspects to consider concerning individuals and partially legal entities (sole proprietors).

It is clear that some individuals are self-employed and in the shadow economy, for whom loans are needed for their businesses. In general, loans are taken out of poverty, vanity (from luxury items to iPhones), for development (including vehicles for transportation, apartments for rent, etc.), for improving one’s life (mortgages), and due to foolishness, or rather under the influence of marketing and advertising (saw it, took a loan, bought, and then thought about it). Plus, there is the replenishment of working capital, debt repayment, and the growing fraud in recent years (the theft of personal data or just scams).

This classification is not clearly defined, as mortgages for those in need of housing and those seeking to improve conditions and develop rental businesses are accounted for similarly. The same goes for consumer loans, where the purpose is generally of little interest to lenders, and income and collateral are rarely verified.

Increasing the financial literacy of the population faces the challenge that the majority of people who thoughtlessly get into debt, seemingly understand everything but think about immediate interests. Let’s remember how in the past, a more educated and cultured population actively believed in psychics and entrusted their savings to financial pyramids. In fact, they still do.

Expecting a coherent financial analysis from the population is difficult due to the unclear prospects of the national currency, inflation, and inflation expectations. These are even mysteries for experts in the state’s economic policy.

Therefore, it seems that at this stage, the following actions are essential:

• Gradation of credit indebtedness for specific strata.
• Introduction of mandatory legal and economic consultations for future creditors.
• Blocking instant credit services.»

This proposal aims to address the growing issue of personal indebtedness and its various drivers in Kazakhstan.