As part of the Debt Panel, The National published an article on debt concerns of a HR employee in Dubai who’s spending habits has built up a debt of AED 130,000. Souqalmal Founder & CEO Ambareen Musa discusses how the issue can be tackled.
I have debts of about Dh130,000. I have two credit cards, both of which have been maxed; there is a Dh10,000 limit on one and Dh40,000 with another. Then I also have an Dh80,000 loan with a bank, which I have paid for almost a year now. I am only earning a monthly salary of Dh5,000 and have been really struggling to repay all my debts. I have already flunked two months of payment on one of the credit cards and have been sent an email about a police case. I stopped answering calls because it was destroying my peace of mind. I have just been piling up my debts even more as I have been borrowing from friends as well to get by.
Here is what one of the debt panellist – Ambareen Musa had to say:
Let’s start with the silver lining. You are aware of what got you into this debt problem and want to start afresh. You’re also willing to change your spending habits for the better. Now, let’s look at some facts. You’re working for a non-listed employer earning Dh5,000 a month, and you owe Dh130,000 in debt. While this makes getting a conventional debt consolidation loan difficult, here’s what might help.