"New findings about the extent of household debt in the UAE shine like a warning light. Almost 60 per cent of Emirati heads of households in Abu Dhabi are in debt, according to survey results reported yesterday in The National. Another recent news report noted that over 70 per cent of Emiratis under age 30 owe money.
For any household, and especially a new one, credit can be useful, even essential. But when personal borrowing gets out of control, it can quickly become a crippling burden.
And personal borrowing grew by 17 per cent from 2011 to 2012, the UAE Central Bank has reported. A separate survey last year suggested that many Emirati families spend more than one quarter of their income in servicing their loans."
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