As part of ‘The Debt Panel’, The National published an article about a Dubai bank employee earning AED 13,800 per month, and struggling to repay multiple credit card debts and loans of over AED 160,000.

I am facing problems with my debts and need a loan to clear them. My liabilities include credit cards and money I have borrowed from others. In total I owe Dh75,000 to different friends and relatives and a further Dh160,000 to the banks. I signed up for my first credit card in 2006 and then borrowed money from credit cards to settle other cards and the loan for my marriage, and to send to India when my father was not well. My debts include the following:

Credit cards

■ Dunia Finance: Dh8,000

■ Emirates NBD: Dh12,000

■ Najm: Dh8,000

■ Abu Dhabi Islamic Bank: Dh7,000

■ HSBC: Dh15,000

■ Rakbank: Dh18,000

■ Finance House: Dh8,000

■ Union National Bank: Dh3,000

■ Dubai Islamic Bank: Dh8,500

■ Samba: Dh18,000

■ Noor Bank: 4,500


■ Emirates NBD personal finance: Dh40,000

■ Al Hilal Bank car loan: Dh10,000

While I work as an office manager for a bank earning Dh13,800, my wife works as a head teller earning Dh7,000. We have good salaries but Dh10,000 a month just goes on debt. We want to consolidate these debts, but I have crossed the debt burden ratio and cannot borrow anymore and my wife is on my visa, so she cannot take out a loan. Also my wife’s father is unwell and cannot manage his business at the moment. If we can clear our debts and stop paying so much interest, that will be a great help to my family. We also have a daughter studying in KG1 and to continue her studies here, we need to settle everything.

Here is what Ambareen Musa, one of the debt panelists and Founder & CEO of, had to say.

Your top priority should be to dig yourself out of the credit card debt worth Dh110,000 that you’ve accumulated. This is the biggest drain on your finances and will only multiply further, owing to the high interest rates averaging about 40 per cent per year. The repayment strategy that will help you get out of debt faster involves making the minimum payment on each of your credit cards without fail, completely paying off the credit card that levies the highest interest rate first and closing each credit card account as you go…

For full article go to The National.