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FINANCIAL NEWS
UAE consumer debt reaches USD 114bn
27 Mar 2016
(MENAFN) Extreme use of credit cards and personal loans is the huge perpetrator of different debt amid residents in the UAE, with experts warning against taking money from private lenders.
In addition, average consumer debt in the UAE reached USD 95,000 per household or USD 114bn in whole, while UAE accounts for almost 67 percent of GCC household debt.
Moreover, many consumers manage fairly substantial debt, through mortgages, credit cards, and personal loans, which are affordable.
The UAE consumers are more concerned about job security, well-publicized reduction in property prices and other economic factors led to a tightening of belts.
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