Ambareen Musa, Founder and CEO of Souqalmal.com, talks about the major red flags to watch out for, that signal you’re approaching the financial danger zone.
The Debt Panel says UAE individuals fail to recognize the tell tale signs that they have dangerously over-extended themselves
With many in the UAE struggling to meet their debt obligations, money experts say residents must learn to identify when they are in the “financial red zone” to help prevent problems further down the line.
Having no savings and no emergency fund means you are definitely in the “financial danger zone”, says Ambareen Musa, the founder and chief executive of Souqalmal.com.
Another obvious sign you are in trouble, she says, is to calculate your debt burden ratio, which is how much of your monthly income goes towards repaying debt. This figure is also used by banks to help assess a potential customer’s credit worthiness…
For full article go to The National.