As part of ‘The Debt Panel’, The National published an article about a business owner grappling with loans and credit card debt of over AED 1.35 million, as he struggles to keep his business afloat.

I have many loans and credit cards and am paying almost Dh70,000 every month in repayments. My operation is small with only five staff and our revenue is Dh250,000 per month. However, I am struggling to keep up with the repayments as well as pay staff and my rent. Every few months there is a shortfall of Dh30,000 to Dh40,000 and I use credit cards to top up the difference. All my profit is going to the repayments and I end up using credit cards to pay the staff and any bills.

Here is what Ambareen Musa, one of the debt panelist and founder and CEO of had to say.

Unfortunately, when it comes to debt consolidation, the eligibility criteria for self-employed individuals in the UAE is a bit vague, so the only way ahead is to approach your primary bank and other banks with whom you have a long-standing banking relationship. Speak to them about consolidating what you owe them along with your most expensive loans and credit cards.

For full article, visit The National.