United Arab Emirates: Warn Residents Against Overborrowing, Unnecessary Borrowing

Officials have stressed the importance of managing finances well and planning spending in line with income.

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Release: Sunday, November 6, 2022 17:20

Last update: Sunday, November 6, 2022 17:41

Residents of Abu Dhabi have been warned of the dangers of over-borrowing and its negative impact on individuals, families and society as a whole. These dangers could be psychological, social or economic pressures, officials said.

The Abu Dhabi Justice Department (ADJD) said over-borrowing could lead to the disintegration and disintegration of family units, leading to serious misconduct.

Officials also stressed the importance of sound management of financial resources and establishment of income-based spending plans.

Advice on disorderly borrowing was made during a credit risk awareness lecture hosted by the ADJD in partnership with Majalis Abu Dhabi, Civil and Community Affairs Department, Presidential Court, as part of the “Majaresna” initiative. .

The purpose of the lectures is to promote awareness, security, stability and to disseminate legal knowledge to different segments of the national society.

Dr. Turki Al Qahtani, Senior Family Counselor at ADJD, discussed the impact of reckless and unnecessary borrowing and rationalizing spending to avoid unsustainable credit in an awareness talk. stressed the importance of These could lead to a spiral of negative effects on social stability, he noted.

Dr Al Qahtani also explained that the stability of society depends on its ability to provide basic needs such as goods and services. He advocated a culture of savings, efficient management of financial resources, and adoption of rational spending habits.

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