Credit Cards and Loans To Pay Off Debt -UAE

Credit Cards and Loans To Pay Off Debt -UAE

Falling in a debt spiral is not normal but sometimes we just cannot help it. Whatever be the reason, the debt has to be repaid and according to me the best strategy would be to either cut down costs and create additional money for repayment or create new sources of income. Either strategy would require dedication, self-discipline and a lot of patience.

Credit Cards and Loans To Pay Off Debt -UAE

But the worst thing to do is availing another loan or applying for a new credit card to pay off the existing debt. Believe it or not, a survey by compareit4me (UAE based finance comparison website ) revealed that almost twenty eight % of residents of UAE either use credit cards or loans to pay off the existing debt.

Check out this article “Almost 28% Of UAE Residents Use Credit Cards, Loans To Pay Off Debts” by Mary Sophia at GulfBusiness to know more about the survey.

“According to the latest online survey by the UAE-based finance comparison website compareit4me, around 28 per cent of UAE residents polled between July and August said that they incur additional debt to pay off their existing financial liabilities.

This figure has also risen by 20 per cent from the corresponding period last year with a large majority saying that they own more than one credit card, the survey noted.”

Well, this is not a good trend as it would not solve the problem in the first place but will simply compound it.

“Recently, the country also launched the Al Etihad Credit bureau, which will issue credit reports that include a consumer’s debt levels, financial obligations, credit payments, history of default payments and late payments to financial institutions.”

This launch of the credit monitoring agency is a positive move towards a healthy financial economy which would ferret out the problem at root level.

Also read: Voxis – Credit Card Fraudster’s Mega Weapon 

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  1. […] Also read: Credit Cards and Loans To Pay Off Debt -UAE […]

  2. […] But off late, plastic money has kind of gotten scary because it is usually associated with debt and default. More often than not, we hear about the rising credit card debt and how people are finding it hard to pay off their debt. According to a recent survey by compareit4me, almost 28% Of UAE residents use Credit cards, loans To pay off debts. […]