Loans: how can citizens avoid bankruptcy?

One of the most relevant topics on the financial market is the heavy debt load of the Russian population. In recent time criticism of banks which have given various loans has escalated. At first the chairwoman of the Central Bank, Elvira Nabiullina, said that citizens don't always understand that their interest rates on loans are huge. Then, the Central Bank stated that probably limitation of consumer credit costs would be launched. Recently a survey has been published that every fifth Russian citizen has more than 5 loans which have been taken out in order to pay previous debts. This can cause mass defaults by citizens. Debt collection agencies tell awful stories about the debts of Russian citizens. In the near future, considering the order by President, the government is due to present a draft on restriction of credit rates, including consumer credits. Experts discussed the current situation.