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FINANCIAL NEWS
GCC consumers owe USD6.6b in outstanding credit card debt
06 Sep 2011
(MENAFN) Lafferty Group, the UK research and advisory company said that around USD6.6 billion was owed by GCC consumers in outstanding credit card debt, reported Arabian Business.
The group added that in 2011, the total amount owed on credit cards dropped from USD6.7 billion recorded in the last year, whereas credit cards number grew from 7.6 million in the previous year.
It also said that lenders in the GCC were forced to write off 6.8 percent of the total amount owed, from 8.15 percent recorded last year and 11.40 in the previous year.
It is worth noting that at the moment, GCC consumers owe around USD39.5 million on their mortgages, with an increase of 6.2 percent compared to the previous year, on the other hand, total non-mortgage credit reached USD154.7 million, up 4.7 percent.
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