Elvira S. Nabiullina, the central bank’s chairwoman, has played down the problem while also imposing some regulatory restrictions to slow consumer lending. “It’s absolutely wrong to think that already now we have risks to financial stability or a risk of a bubble,” Ms. Nabiullina said at an economic conference in St. Petersburg last month.

The central bank has tried to cool the market by raising so-called provisioning requirements that dictate how much money banks must set aside to insure against defaults and by capping the amount of interest that payday lenders can charge at 1 percent per day, still a steep 30 percent a month.

Debt payments are taking a bite out of some slim paychecks: Low-income households spend an average of 8 percent of their monthly incomes on debt payment, according to the central bank. Surveys show that most borrowers are 25 to 35 and that they are taking more than three loans from different sources, according to Vladimir Tikhomirov, the chief economist at BCS Global Markets.

There were warnings from others at the St. Petersburg conference, where Russian officials laid out their economic priorities for the year. Andrey R. Belousov, an economic adviser to President Vladimir V. Putin, said the debt market was “overheating.” Maksim S. Oreshkin, the minister of economy, warned that the surge in short-maturity consumer debt could bring on a recession within two years.

“You had a similar story in the United States,” with debt rising faster than salaries before the recession in 2008, Mr. Tikhomirov said.

In the first quarter of 2019, real incomes fell 2.3 percent from the same period a year earlier. Over the same three months, the amount of newly issued unsecured consumer debt rose 22 percent.