In an article published in Khaleej Times, Souqalmal Founder and CEO offers practical advice to UAE residents struggling with debt.
If you’re stuck in a debt trap, remember that it’s not a situation that can’t be fixed. Financial advisors and experts offer practical steps and straightforward advice to help you become debt-free.
Credit card debt is the worst, get rid of it first and fastest
Credit card debt is no doubt the worst and most expensive form of debt. And the culprit is the steep interest or profit rate on credit cards. Don’t let that seemingly small number of 2.99 per cent to 3.25 per cent per month mislead you. When converted to an annual rate or APR, interest rates on credit cards in the UAE can touch a whopping 40 per cent on average!
Credit card debt is a self-compounding problem, and so many people find themselves struggling with mounting debt on multiple credit cards. So what’s a possible solution?
For full article go to Khaleej Times