Gulf News Journal published an article on the personal finance calculators launched by Souqalmal.com.

Souqalmal.com, the No. 1 financial comparison site in the United Arab Emirates (UAE), recently came up with five personal finance calculators to help UAE residents better deal with their financial and banking affairs, and avoid incurring debt.

Before the launch of these calculators, Souqalmal.com conducted surveys that found a notable lack of financial literacy among UAE residents.

“We found 70 percent of UAE residents don’t know how to calculate their personal loan due payment,” Souqalmal.com Founder and CEO Ambareen Musa told Gulf News Journal recently. “Eighty percent of UAE residents don’t know how to calculate their debt burden ratio, and 4 out of 10 residents don’t have a clue about the difference between reducing rate and flat rate while taking out loans, so this is the main reason we developed the calculators to help our users to understand what kind of impact taking a loan will have on their income level.”

For the full article go to Gulf News Journal