The Central Bank of the UAE rolled out the National Loans Scheme to help Emiratis burdened by chronic debt repay their liabilities.
The initiative, launched in conjunction with the UAE Banks Federation and national banks, will help applicants with multiple loans and credit card balances consolidate the debts into a single instalment.
This initiative is aimed at easing the burden of debt accumulation for UAE nationals, a statement on the state-run news agency Wam said.
There are 6.5 million credit facilities such as loans, credit cards, mortgages and overdrafts in the UAE, according to data from the Al Etihad Credit Bureau. While 4.5 million residents and 200,000 companies ar…
Read the full article at: https://www.thenational.ae/business/money/central-bank-launches-debt-consolidation-programme-for-emiratis-1.837808