Almost 75% UAE residents in debt to banks

Tuesday, 24 November 2015 14:28

Some 73% of UAE residents are in debt to their banks. That’s the latest figure to come from a compareit4me.com survey, which reveals credit cards top the list at 57.2%. Of those polled, 45% admit dealing with their debt is highly stressful but almost all are planning to spend more as the festive season approaches. The report also details how 15.8% of respondents have made late payments, or even missed them completely. Jon Richards, CEO of compareit4me.com, shares how banks in the UAE are adjusting to assist consumers with bad debt.

Listen

More from UAE News

UAE unveils AED 170 billion road, transport plan to ease traffic

The UAE has announced a AED 170 billion package of national transport and road projects to be completed by 2030, aimed at easing congestion and improving mobility across the country.
Dubai rolls out new taxi fares for app bookings

Dubai’s Roads and Transport Authority (RTA) has rolled out a new fare structure for taxis booked via smart apps, but the changes will not affect passengers hailing taxis directly on the street.
UAE moving fast towards 2031 national goals

The UAE has already achieved 67 per cent of its national goals under the "We the UAE 2031" vision — with six years still to go.
Ministerial Development Council reviews progress on national priorities

Major projects in infrastructure, energy and Emirati workforce empowerment topped the agenda at the latest Ministerial Development Council meeting.