I have two credit cards and when my salary was reduced, I would use one credit card to pay the other. I would do this every month to keep the collection agents away, but I also used them for living expenses, such as buying food and paying for my phone and the internet.
However, I have now reached the credit limit on both cards and cannot use them. I will not be able to afford to pay even the minimum amount that is due at the end of the month and I am worried about what will happen if I start to miss payments on the credit cards.
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While most countries are stuck with lock-downs to smother the pandemic, the UAE chose to remain open. Will the gamble pay off economically?
April 08, 2021
Remember life before Covid-19? Booking hotel rooms for holidays, eating out at the restaurant, partying in bars and going to the gym? While this is a distant dream in most countries experiencing lockdowns, in Dubai, life continues almost unchanged. A social media campaign makes the point: “Open is looking good for Dubai right now and we want to tell the world about it,” says the voiceover, accompanied by images of unmasked people riding a rollercoaster, shopping at the mall and running on the beach.
(MENAFN - Khaleej Times) A recovery in credit demand in the UAE banking sector will likely be gradual, with the ongoing domestic and global impact of the pandemic, albeit economic activity will see a stronger rebound in the second half of 2021, analysts said.
The strong recovery in the economy will be driven by the externally facing sectors as global vaccinations rise, providing vital support to areas related to travel and tourism. However, with ample domestic capacity in these sectors, the demand for new credit is forecast to be muted. The policy backdrop is expected to remain positive with key TESS (UAE Central Bank s Targeted Economic Support Scheme) components extended into 2021, said Monica Malik, chief economist Abu Dhabi Commercial Bank.