Around 85 percent of United Arab Emirates (UAE) residents are in debt, of which 75 per cent are men and 25 per cent women. In terms of total debt by nationality in UAE, residents from India and Philippines rank the highest followed by Pakistan and South Africa.
These statistics were revealed by the International Swiss Debt Management (ISDM) Consultancy, a Dubai-based credit counseling and debt management company. Having launched in the region early this year, ISDM, the first debt management consultancy, works with a number of regional banks to help individuals and small businesses reduce their debt burden.
Servicing more than 3,000 clients currently, Yohannes Mazeingia, Managing Director, ISDM said: “The lack of stringent credit ratings polices and the culture of consumerism has lead to huge bad debts in the Emirate. A recent client survey revealed that the average individual debt is around AED500,000 in United Arab Emirates (UAE). This is a serious issue that needs to be addressed before it goes out of hand.”
