Wealth Monitor published an article unveiling the results of Souqalmal.com’s latest survey on financial distress faced by UAE residents. The survey aims to gauge the level of indebtedness in the country and how borrowers are coping with debt repayment.
Data from the UAE Central Bank shows that individual personal debt in the UAE amounted to AED 349.9 billion in February 2017. This is about 5 percent higher than debt levels recorded one year back!
To better gauge the level of indebtedness in the country and how borrowers are coping with debt repayment, Souqalmal.com surveyed over 300 UAE residents. The aim of the survey was not only to highlight debt-dependency in the UAE, but the ensuing financial distress faced by most borrowers.
The survey showed that majority of the survey participants (83 percent) have at least one active loan, while over a quarter (27 percent) have three or more active debt obligations.
For full article go to Wealth Monitor.