UAE residents slip further into debt
According to a UAE individual personal debt survey, conducted by Souqalmal.com, 76 per cent of borrowers admit to missing a debt repayment in the past, and among those, 75 per cent have missed a repayment within the last 12 months.
A massive eighty-four of these debt defaulters failed to make credit card repayments on time, while 47 per cent have missed repayments on mortgages, car loans and personal loans.
Individual personal debt has also increased five per cent year-on-year, according to data from the UAE Central Bank. Individual personal debt in the UAE totalled AED 349.9 billion in February 2017.
The souqalmal.com survey showed that 83 per cent of respondents have at least one active loan, while 27 per cent have three or more active debt obligations.