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FINANCIAL NEWS
Escalating consumer debts for the UAE to USD95,000
24 Jul 2013
(MENAFN) A study by Strategic Analysis targeting households showed that high debt rates in the UAE, indicating that the monthly income doesn’t meet the repayment obligations to 48% of the polled households, while 60% told that quarter or more of their salaries is allocated for paying debts, reported Arabian Business.
According to the study, UAE’s consumer debt amounted at USD95,000 per household, reserving 67 percent of the GCC total household debt.
It’s worth mentioning that loose conditions for loans and high interest rates on credit cards were the main reasons for increasing consumer debt, said Strategic Analysis.
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