FINANCIAL NEWS

Survey: 85% of UAE expats in deep debt

17 Aug 2010

(MENAFN) A survey conducted by the International Swiss Debt Management (ISDM) Consultancy, said that 85 percent of UAE residents are in debt and landing many in prison, Gulf News reported.

The survey ranked residents from India and Philippines as the highest in terms of total debt. Pakistani and South African nationals follow.

The reason for this behavior has been the salary raises over the past years encouraging employees to borrow more as banks raised the stakes accordingly.

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