As part of ‘The Debt Panel’ discussion, The National published an article about a jeweler living in Dubai with a huge debt that accumulated over the years part of his “middle-class life” downhill per his description.
I owe approximately Dh105,000 on four credit cards and two personal loans. The situation is getting worse every day as I pay fees on any missed payments. I am the sole earner in a family of six and have a monthly salary of Dh7,750 working in the jewelry industry. The problem was caused by the day-to-day expenses of a middle-class life. Signing up for the credit cards and utilizing them has all been caused by me. I used the cards for their cash facility to pay the medical expenses of my father-in-law and my mother, who was suffering from throat cancer. She has now recovered and is living a normal life again. My income covers the debt repayments but leaves little to take care of my family and two children; I only eat once a day. Is there any way I can consolidate the debts into one payment – payable over four to five years – that only takes up half my salary. The other half I could then use to support my family.
Ambareen Musa, Founder, CEO of Souqalmal.com and one of the debt panelists had the following to say about this.
Consolidating your debts or refinancing, which allows you to merge all your debts into one loan, sounds like a magic solution to help you get your finances back on track. This will take a lot of the stress out of your financial life by reducing multiple monthly payments to just one, which should be lower and more manageable. But while…
For full article go to The National