As part of The Debt Panel, The National published an article on the debt woes of a Dubai finance officer who has accumulated a debt of AED 160,000 paying his father’s medical bills.
I took out a loan to build a house and during the build my father had a heart attack and had to undergo bypass surgery. He then needed continuous care until he died. I was the one to bear the cost of the hospitals and all the medicine; I had no option but to fund it. Now I am working as a finance officer for a new clinic in Dubai earning Dh12,000 a month. But I owe almost Dh160,000 on three loans and two credit cards with five different banks.
Here is what Ambareen Musa, one of the debt panelist and founder and CEO of Souqalmal.com had to say.
Instead of trying to apply for a top-up loan, why don’t you speak to your primary bank about the possibility of consolidating all your debts? Debt consolidation would be the ideal solution in your case, since you have already accumulated significant high-interest credit card debt. However, this too could prove difficult to qualify for, since you’re working for a company that’s not on the bank’s approved list. But keep this option open, and check with other banks in case you meet the eligibility criteria elsewhere.
For full article go to The National