The debt panel tries to help UAE residents facing financial issues. Below is Ambareen Musa’s, CEO of Souqalmal.com response on how they can manage their money.

Debt panellist 1: Ambareen Musa, founder and chief executive of Souqalmal.com.

Your financial situation is serious, but you CAN turn it around. People have been in bigger financial mess and have managed to sort it out with the right intention and by taking the right steps. In your case, where you have multiple loans and are struggling to make repayments, a good starting point is to approach banks for debt consolidation. One way to start is by first approaching the bank where your salary gets credited, which will most likely also be the bank that you have a salary-transfer loan from. In case your application for debt consolidation is rejected, try to negotiate with the bank to consolidate just your outstanding credit card debt and the loan with the highest interest rate.

For full article go to The National.