Getting into debt is a common problem that many people worry about these days. The main reason for this concern could be the unsustainable debt on cards and the people who can not earn enough to pay it. Most people use their credit cards as an on-hand source of money, but they do not know how to handle the situation.
If you are among people who think you can use your credit card to its maximum limit and return the money soon, it is good to know that it is not true. As you can not predict the future, you can not be sure about the time for repaying the money, and the result might be that you find yourself in a huge debt. If you do not know how to avoid this situation, continue reading to the end.
What are the steps to avoid getting into debt in the UAE?
As I said previously, getting into debt is a common problem in UAE cities. If you want to avoid this problem simply remember the following points:
- Always be careful about spending within your limits. In addition, you should always be mindful of tomorrow.
- Be careful about the bank or other financial companies’ calls that encourage you to take some loans. Many credit cardholders borrow money to bridge the gaps. For instance, they borrow money to fund wedding parties, have holidays, or make impulsive decisions. Suddenly, some unexpected situations such as job loss happen. This is the most common reason why a lot of people get in debt these days.
What you should (and should not) do if you default on credit card debts?
Most credit card crimes can cause you bad results, such as landing behind the bars. Based on what Barney Almazar, a legal advisor claims, the UAE banks will deposit a security cheque in the case of default payments. And if you can not afford the cheque, they will use criminal charges against you as a defaulter, and you have to go to jail in the UAE.
The worst point is that while you are spending time in jail, the bother of debt is still in its place. So, what is the best reaction in situations like this?
The first thing that comes to everyone’s mind might be escaping the UAE, but it won’t help for sure. We suggest you talk to banks and reach a beneficial settlement for both parties. Another good point in situations like this is talking to a legal lawyer.
How to solve the disaster of debts in the UAE without stress?
If you suddenly find yourself in a situation where you are in debt in the UAE, do the below points to solve what just happened.
- Consider your situation from all different points of view and try to integrate debt on other credit cards.
- Analyze how you can balance transfer structure by using another company. Usually, you can find an interest-free period of three to six months.
- Ask your bank to rethink the outstanding balance of your fixed-interest loan. In this way, you can stop the assembly of great interests and avoid extra late payment fees.
- If you are employed, you can request a salaried loan, which is a personal loan from your bank, and use it to repay your high-interest debt.
- If you have any insurance cover on your card, you can use it for redundancy.
- If none of the above items were useful for you, it is time to visit a legal expert and ask for help.
The above text is a complete guide about what you have to do to avoid getting into debt in the UAE. Also, if you need any kind of help for finding the best property for sale in the UAE, we are here. You can call the online team of dxboffplan, and we will help you immediately.