The UAE's ongoing debt hangover - Banking & Finance - ArabianBusiness.com:
"A few years ago, I interviewed a Dubai-based expat working in property sales, who had found himself $42,000 in debt after taking out a series of personal loans and credit cards.
“My mobile rings so often that I have separate rechargers in my home, in my office and in the car,” he told me. “I had 40 calls from a local bank yesterday. And that’s about seven people from just one bank — they don’t seem to be able to coordinate who is speaking to who. The pressure is incredible — it gets right into your mind.”
The figures back in 2010 were alarming. According to Lafferty, outstanding consumer credit in the Gulf reached an estimated $139bn, an 80 percent rise on the same figure eight years earlier. Credit card debt had reached $7.8bn, up from just $1.7bn in 2003."
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