8 of 10 UAE residents are in debt; 25% have defaulted

[email protected] (Emirates24/7)
September 7, 2014

Dubai, Sep 7: Almost 8 out of 10 people in the UAE are indebted to their banks, a new survey reveals, with more than a quarter of respondents admitting to missing a payment or making a late payment on their existing loans.

Around 77 per cent of respondents confirmed that they have some form of debt with UAE banks, according to a survey carried out recently by a UAE-based finance comparison website.

loans

More than half of the respondents of the online poll run by compareit4me.com said they have a credit card loan (54.7 per cent), followed by personal loans (43.6 per cent), car loans (12.6 per cent) and mortgages (4.1 per cent).

Strikingly, more than a quarter of the respondents admitted to missing a payment or making a late payment on their existing loans. The poll reveals that that 5.8 per cent of the respondents have often defaulted' on their loans, while 19.3 per cent have missed or made a late payment once or twice in the last 12 months.

The survey was conducted between July and August 2014.

The UAE's official credit bureau, Al Etihad Credit Bureau had announced last month that it will begin issuing consumer credit reports to banks from this month onwards.

Credit reports of UAE residents will include records about consumers' debt levels, financial obligations, credit payments, history of default payments and late payments, it said.

“The results of this year's financial survey are quite concerning as more than one in four of those polled also described their monthly debt repayments as stressful',” said Jon Richards, CEO of compareit4me.com.

The survey reflects the steady uptrend in consumer lending as UAE banks continue their recovery from the 2008 global slowdown. Global credit ratings agency Standard & Poor's forecast a 10 to 12 per cent nominal growth in UAE personal credit in 2014 and 2015.

About 5.2 million credit facilities of individuals residing in the UAE have been added to the Al Etihad Credit Bureau's credit reporting system. This represents 97 per cent of the total credit facilities provided by local and international banks and financial institutions operating within the UAE, including credit card and loans.

“Customers will have access to their credit reports through our soon-to-be-launched customer service centres,” said Marwan Ahmad Lutfi, CEO of Al Etihad Credit Bureau.

“The issuance of credit reports to banks and financial institutions is an important step in reducing credit losses resulting from non-performing loans and will in turn help individuals and companies to have a deeper understanding of their financial obligations and debt levels,” he added.

For those whose debt levels may be approaching the unmanageable levels, experts suggest consolidating your debt and exploring the refinancing option to make financial obligations more manageable. “Consumers need to be proactive when it comes to managing debt if financial obligations become a struggle,” Richards said. “Consumers need to act fast to find more manageable options.”

“Refinancing debts should be the first thing people look into: as the banks compete with each other, rates inevitably come down leading to cheaper credit,” he says.

“If you have a loan which is over 12-months old, it is likely you will be able to get a better rate today, so make sure you look into it. Consumers also need to look at consolidating debts wherever possible, such as credit cards for example which have a much higher in

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
December 5,2025

Mangaluru: In a significant step to curb online hate and intimidation, Mangaluru City Police have registered a suo motu case against multiple Instagram accounts accused of circulating alleged provocative and threatening content.

While monitoring social media activity on Tuesday, Kankanady Town PSI Anitha Nikkam identified the Instagram handle ‘team_targetttt_900’ for posting a hate message alongside images of lethal weapons. Another account, ‘team_nagara_900’, allegedly shared a threatening post targeting activist Bharath Kumdelu, tagging additional pages such as KARAVALI-OFFICIAL.

Several other accounts — including ‘immu_bhai.fan’, ‘target_boy_900’, ‘kings_of_manglore’, ‘team_target_boys.900’, ‘arshad_mangalore’, ‘target_ka19_ullal’, ‘team_target__’, ‘troll_tigersz_900’, ‘tr_group_900’, and ‘team_target_900’ — are also under scrutiny for spreading similar inflammatory material, police said.

Authorities have urged citizens, especially young social media users, to report suspicious pages and avoid engaging with groups that glorify violence or threaten individuals. Online hate can quickly escalate into real-world harm, and police stress that sharing or promoting such content can attract legal consequences.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 29,2025

DKSsiddu.jpg

New Delhi: Karnataka chief minister Siddaramaiah and deputy CM DK Shivakumar on Saturday put up a dramatic display of unity at a closely watched joint press briefing, firmly dismissing weeks of speculation about a power-sharing tussle within the Congress. With the high command nudging both leaders to sit together and settle the dust, the meeting became a political spectacle, ending with the duo declaring that there was “no confusion, no differences.”

Calling the reports of a rift “manufactured confusion,” Siddaramaiah said the talks had gone smoothly, even joking about their breakfast. “Breakfast was very good. All three of us enjoyed it,” he said. “We want to end this confusion once and for all. For local elections and for 2028, our mission is clear — Congress must return to power. There is no difference between me and DKS, not now, not before.”

He blamed the media for fuelling rumours and reiterated absolute adherence to the party leadership. “From tomorrow, let there be no confusion. What the high command says, we will follow.”

Siddaramaiah also assured that the Assembly session starting December 8 would run smoothly and vowed that Congress would take on the BJP and JD(S) “together.”

Shivakumar echoed the chief minister word for word, stressing loyalty and discipline. “People have given us a massive mandate. It is our duty to deliver,” he said. “This government was formed under Siddaramaiah’s leadership. We both have complete trust in the high command. If they tell me to wait, I will wait.”

He added that the two leaders had discussed strategy for the 2028 Assembly elections. “Whatever the CM says, I agree. We are loyal soldiers of the party. The party may be facing challenges nationally, but we will keep it strong in Karnataka.”

Shivakumar also said Siddaramaiah would soon visit his home for lunch or dinner — another symbolic gesture meant to underline their unity.

Both leaders later posted on social media describing the breakfast meeting as “productive” and focused on “Karnataka’s priorities.”

The BJP, however, rejected the show of camaraderie as “pure bunkum,” accusing Congress of trying to paper over an internal power struggle. But Siddaramaiah and Shivakumar insisted their united front would continue — and that there was “no confusion” within the state leadership.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.