Credit Cards Most Common Form Of Credit In UAE-Survey Reveals
A survey conducted by YouGov in conjunction with Al Etihad Credit Bureau and Citibank UAE revealed that credit cards have made great strides in the UAE economy. Sample group for the survey were UAE’s affluent who earned more than $8,000 or approximately above AED 29,000.
. Al Etihad Credit Bureau and reports has gained momentum
. Credit cards dominate lending followed by personal loans in UAE
. High value purchases formed the major part of credit card spending
The survey found that 82% of the affluent who were part of the study used credit cards and of the 82%, 71% had more than one credit card. The frequency of usage of credit cards is also high ranging from daily to bi-weekly.
The good news is that people are aware of the presence of Credit Bureau and they have also secured reports from Bureau.
In words of Al Etihad Bureau spokesperson,
” The survey shows awareness of our credit reporting services is strong.The Bureau provides consumers and lenders with invaluable information about their credit history, which helps consumers to avoid borrowing more money than they can comfortably repay, and assist lenders in making informed decisions”
For a strong financial system to thrive in any economy, a credit monitoring agency is imperative and it is in the best interest of residents to take advantage of these facilities.
Have you gotten your credit report from Al Etihad Credit Bureau yet? Why do you think it is important to have a clean credit history in UAE? Let me know in comments.