Loans – not for luxuries, but essentials

The result of a survey conducted by the Dubai-based Arabic newspaper ‘Emarat Al Youm’ reveals that most people borrow from banks to buy luxuries, not essential goods.

People shall consult from friends & financial experts privately while approaching banks in the UAE to read the thin print on loan application forms. The Central bank shall appoint at every bank consultants to raise the awareness of loan seekers and help them read & understand between the lines of the loan contract.

make a 2012 resolution, atleast 10% of your income shall go to Savings never to be touched before an emergency.

a urge to change car because neighbor has new one, or to buy a new LED because your LCD is outdated is not an emergency.

while saying Good bye to 2011, ensure that 2012 brings a financial harmony in terms of savings & spendings during your working prime in UAE.

the investments in DFIs, loans from Bank & Mutliple Credit cards are slow poison & eat you up like termite.

Cheers !

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