UAE expats, nationals retain addiction to debt

One of the many draws of the UAE for expatriates is the prospect of a tax-free salary. But the temptations of shopping malls, fast cars and fancy holidays are clearly still putting paid to many expats’ attempts to save for the future, according to recent research.

National Bonds Corporation’s latest “financial health check” survey shows that just exactly half of the country’s expatriates are making monthly payments towards personal loans, with that figure rising to 56 percent for nationals.

In addition, 38 percent of expats are paying off credit card debt every month. Only one in five is laying aside any money for the future.

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