UAE | General
The illusion of a bigger bank balance
Shopping without thinking lets people fall into debt trap they cannot escape from.
- By Sanya Nayeem
- Published: 23:53 July 10, 2008
- Indian expatriate Sunil Nair has been in the UAE for the past 19 years and in all that time, has rejected what most people in the country claim they cannot live without: credit cards.
- Image Credit:
Indian expatriate Sunil Nair has been in the UAE for the past 19 years and in all that time, has rejected what most people in the country claim they cannot live without: credit cards.
Working as a secretary for a multinational export company in Dubai, Nair said he was never tempted to apply for one, even with the rising costs.
"The only way we can overcome our financial difficulties is by living within our means," he said.
According to Nair, the possibilities of credit cards are endless, and in this lies its power to ensnare unsuspecting shoppers.
"Human desires are unlimited. If we fulfil one desire, another one creeps up," he said.
Plastic money gives consumers the illusion of having a bigger bank balance, Nair said.
He asserted that people have a tendency to "shop without thinking" when using credit cards and most fall into debt traps because they are unable to pay back the money they owe the bank.
Share this article
More from UAE General
More from UAE
Popular in UAE
-
Your pictures
Readers' pictures
A Selection of the best Gulf News reader pictures this week
Latest news
- UAE rejects Israeli colonies
- Teens smoking secretly, unchecked
- Right cut for diabetes respite
- Sweet shops to provide delicious treats
- Eid Al Adha: Duty and sacrifice
- Hospital's diabetes awareness programme extended
- Khalifa receives greetings on Eid
- Court acquits maid of theft charge
- Teenager jailed after having sex with minor
- Transit passenger jailed for drug smuggling
- Transport authority launches 'no to accidents' campaign
- Slew of celebration plans
- No decision on ex-Syrian intelligence officer
- Retailers reap rewards of Eid shopping
- Ex-Syrian intelligence officer won't be extradited
Community Reports
-
Munching on a health hazard
Residents must be careful about consuming snacks and sandwiches prepared along the roadside as they attract dirt and bacteria
-
Faded signage fails to guide visitors
Reader seeks better upkeep of signboards in green areas
-
Noise pollution must be regulated
Residents are finding it difficult to sleep well at night owing to ongoing construction work
-
Protect our children's health
Dust and dirt from a nearby road are causing problems to those frequenting Al Nasseriya park, Sharjah.
