As part of the Debt Panel, The National published an article on a resident struggling with debt and Ambareen Musa’s response on how they can handle the issue.
I have some credit cards that I was unable to repay for several months as I lost my job in 2015. During that time, the interest increased day by day and now the four cards have reached double the amount. Then three months ago, I got a job in the UAE once again. But now these banks are threatening me and my HR via email and phone saying, “this person must pay off the money otherwise they will end up in jail”. I am ready to pay them, but my job has only just started, so I can only pay slowly.
Here is what Ambareen Musa had to say:
Congratulations on finding a new job and moving back to the UAE. As a borrower, you have an obligation to pay back any money borrowed, and I am glad to hear that you plan to make your payments and settle your debt. When credit card payments are ignored, your outstanding balance will continue to increase because of interest and fees. Which is why you have accumulated a considerable amount of debt in the past year. To avoid any legal action or jail time, you need to settle your debt.
For full article go to The National