According to a new survey by a local web portal, it was found that one in every four of the UAE residents have debts of more than AED 250,000 ($68,119). It was also found that more than 20 percent of the residents are not even aware of the repercussions of the debt they are in.
The survey also shows that nearly 40% of residents have personal loans of between $27,247 (AED100,000) and $54,495 (AED200,000).
The UAE debt isn?t just concentrated on personal loans; the results show that 12 percent of residents own more than six credit cards, with 15 percent of those still have outstanding balances of more than $27,247. The case is worse with car loans, where nearly a quarter of all UAE residents owe more than $27,247.
As per a report published by Lafferty Group, it stated that total consumer debt across the GCC was $139billion, with the UAE having one of the highest take ups of credit cards anywhere on the planet, with 199.4 cards per 100 people