Why is almost half of the UAE population in debt?

According to Payfort not only is almost half of the UAE population in debt also around 30% of the population is not able to save anything at all.

This is not normal.

According to Dr. John Gathergood who studied the emotional effects of debt, those who struggle to pay off their debts and loans are more than twice as likely to experience a host of mental health problems, including depression and severe anxiety.The same study also found a correlation between high amounts of debt and higher rates of stress and depression. 

According to Sonya Britt, assistant professor of family studies at Kansas State University it is arguments about money that are the top predictor of divorce. The Royal College of Psychiatrists also concluded that large amounts of debt have severe effects on a household’s psychological well-being. 

Most people don't want their family and friends to know they're struggling with debt. Debt is often a taboo topic. 85% of respondents to a survey on creditcard.com were hesitant to talk about their credit card debt. 

What is your experience with debt?

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