How deep are UAE residents in Debt?
430,000,000,000 Dirham is the total amount of credit card loans, car loans and other forms of personal borrowings incurred by UAE residents.
The more you are in debt, the harder it will be to save money. Making it more likely that you need to borrow more the next time you have a large expense.
It is therefore no coincidence that the growth rate of personal loans is 7.5% with UAE residents. Build up an emergency fund first.
This will be used for periods when you are short of cash and have large expenses. This will avoid the need to take a loan. After withdrawing out of your emergency fund make sure that you bring it back to the same level, so that you also have a buffer for the future.
How deep are you in debt?
Posted on Wed, May 16, 2018
by Simon Snelder filed under