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FINANCIAL NEWS
Abu Dhabi receives 6,502 reports on credit card defaults in 2011
21 Feb 2012
(MENAFN) Director of the Capital police station in Abu Dhabi, Brigadier Maktoum Al Shareefi, said that in 2011, the station received 6,502 reports from banks about credit card defaulters, reported Emirates 24/7.
Al Shareefi added that the amount involved in the reports reached nearly USD55.28 million, advising all nationals and expatriates to be careful in spending, in order to develop a saving habit and avoid such problems.
On the other hand, the country’s central bank said that it would soon introduce regulations on credit cards as was the case with personal loans.
It is worth noting that banks in the UAE have the right to report card holders who fail to pay even for one month, however, many banks give their clients three months to pay before reporting them.
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