I took out a loan to build a house and during the build my father had a heart attack and had to undergo bypass surgery. He then needed continuous care until he died. I was the one to bear the cost of the hospitals and all the medicine; I had no option but to fund it. Now I am working as a finance officer for a new clinic in Dubai earning Dh12,000 a month. But I owe almost Dh160,000 on three loans and two credit cards with five different banks. My debts are:
Loan 1: Dh46,658 (monthly repayment of Dh4,262)
Loan 2 (converted from a credit card): Dh63,876 (monthly repayment of Dh2,460)
Loan 3 (converted from a credit card): Dh20,853 (monthly repayment of Dh1,000)
Credit card 1: Outstanding balance of Dh14,000 (minimum payment of Dh1,200)
Credit…
Read the full article at: http://www.thenational.ae/blogs/your-money/the-debt-panel-dubai-finance-officer-owes-dh160000-after-paying-his-fathers-medical-bills