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It ‘is no longer just a place where people come to make money before moving back home’

‘Many international professionals have been burned by taking the wrong type of advice’ The UAE financial advice sector is improving. But it remains haunted by past misdeeds which are still raw in the minds of victims of bad advice. Consultancy firm Insight Discovery recently surveyed 1,222 UAE residents and found that, by profession, financial advisers in the UAE have the fifth worst reputation in the country. But when it came to western expats, they lambasted UAE financial advisers as the least trusted group. Sometimes, there is such a thing as bad press. International Adviser spoke to s...

“It came to a point where I was completely suffocated," Ms D'Souza, 39, says. "I was living from one paycheque to the other and hoping to get an increment or some other incentive to pay off my dues. I kept accumulating debt for seven years. "When I fell short of cash, I would get myself another credit card. I was spending to maintain a lifestyle," she adds. The former accountant decided to get a personal loan to pay off her credit cards and have just the one instalment to pay for each month. She took out a loan for Dh70,000 in 2012, closed five credit cards, settled the dues on another one ...