Ambareen Musa, Founder and CEO of Souqalmal.com, weighs in on the topic of personal debt in the UAE, and what expats can do to become debt-free sooner:
Banks and individuals alike have been urged to be more responsible in approving and taking out personal credit.
The appeal came after the UAE Central Bank announced that total personal loans hit Dh349.9 billion in February, a three per cent increase from January…
…Ambareen Musa, founder of comparison website Souqalmal.com, said expatriates tend to accumulate debt faster than Emiratis in their pursuit of a more lavish lifestyle, which in many cases is funded with loans and credit cards.
Data from her website reveals that personal loans were the most-visited product category on the site last year, with 40 per cent of all visits. Credit cards came second, with just over 30 per cent of all visits.
For full article go to The National.