As part of ‘The Debt Panel’, The National published an article about a Dubai resident who owes a combined AED 169,000 in loans and credit cards, and is looking for a solution to manage his repayments better.

I live in Dubai and am currently trying to overcome my debts in the best way I can. I bought a property in India using a loan taken out here and have several credit cards, which I used to pay for activities here. I earn Dh9,600 of which Dh3,000 goes towards house rent, as I live with family. I have learnt my lesson from using credit cards and have already closed two cards; I plan to close a third in the coming month. However, the debts I still have are:

Personal Loan:

1. Dh130,000

Credit Cards:

1. Dh4,000

2. Dh30,000

3. Dh5,000 (I plan to close this in the coming month)

I am trying to find a solution to integrate cards one and two under my personal loan, but it seems that because of my previous payment history my debt burden ratio has taken a hit and the banks are unable to handle my request to consolidate. The bank behind credit card two has offered me a payment plan, which comes to about Dh900 per month, but even this is difficult for me to manage. What directions/guidelines should I follow? I want to close all of my credit cards and only have a single loan payment to repay. This would then take me out of this credit card debt scenario once and for all.

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

You’re definitely on the right track with reference to your plan to close your credit card accounts one by one. Having closed and settled two credit cards, you’re now using your resources to settle one more. At this point it is worth checking again with your primary bank, or even other banks, if you qualify for a debt consolidation loan. If the response still remains unfavorable, focus on repaying one more card and check with the banks again…

For full article go to The National.