The national published an article on increasing personal debt problems among UAE residents.
They are among the dozens who have contacted the newspaper asking for help to get out of debt that include a mother-to-be with a monthly salary of Dh6,583 who has Dh252,000 of debt and another person who earns Dh29,000 but has Dh120,000 in credit card debt they cannot afford to pay.
Here is what Ambareen Musa had to say:
According to Souqalmal.com, whose founder and chief executive, Ambareen Musa, sits on the panel, demand for personal loans on the website has risen by 153 per cent in the first quarter of this year. Ms Musa asked whether “people are going out to look for loans to sustain a lavish lifestyle, which, potentially, they don’t need to have”.
For full article go to The National