A debt trap
Banks charge high interest rates and other fees on loans (“UAE residents lament falling into debt traps”, Gulf News, August 17). Banks give loans on easy terms and conditions, but it is just a trap set by them to lure people in. You lose your job, your name is stained and you become a criminal and not accepted in society. My father always takes a loan from his company and not from a bank in case he needs the extra amount. I think companies should keep that option open for their employees. But what I don`t understand is why do people not calculate their spending based on their income and keep some money aside for unexpected circumstances? It is almost as if they forget how much they earn. My mother always says that you should buy a blanket that is enough to cover you properly — here she means that we should buy the things that are important and needed instead of buying more than our requirement, because the latter will lead to our fall and no one will save us from all the troubles.
From Ms Sanam
Dubai
Website comment
Debt committee
There is no doubt that economic growth is due to plastic money and personal loans. Today, banks are generating a good profit due to credit cards as compared to corporate businesses and the risk of a bad personal loan is also less as compared to a corporate loan. However, as mentioned in the report, a person with a salary of around Dh15,000 can get a personal loan of up to Dh500,000. Making it so easy for people to get a loan is the bank’s mistake. They are taking undue advantage of people’s needs and approve a loan without even checking the financial records. There is no end to the said discussion on debt. In my opinion, the UAE Central Bank should formulate a policy that helps both sides. Arresting an individual will not recover the money. A committee set up by the Central Bank especially for personal loans will benefit all the residents. People who have debts should declare the debt amount to this committee on a confidential level. This individual’s salary should then be deposited in a designated account controlled by the Central Bank in order to recover the loan amount. They should only be allowed to spend on basic amenities, such as house rent. If they use their credit cards for any purchase, they need to settle the bill entirely at the end of the month. In this process, no new loans or credit cards should be approved for these individuals by any other banks. This procedure will help both the debtors and banks.
From Mr Rakesh Bhargava
UAE
Responsibility
Let it be crystal clear that no bank forces anyone to take a loan or a credit card and if people borrow from anyone or from a bank, they must ensure that they settle the debt otherwise there will definitely be legal consequences. As simple as that!
From Mr Salman
Dubai
Website comment
No exit
If you must borrow, then borrow from your friends or family. Bank loans are debt traps. Once you get in, you will hardly exit, especially when you are used to spending as if the money will never end. Your story will change immediately and you will lose your job.
From Mr Mohammad
Dubai
Website comment
Peace of mind
If you want to live happily and with peace of mind, keep your hopes and wishes at a minimum. If you follow this advice, you will never end up in such a situation.
From Mr Majid
Dubai
Website comment
Comparison
On Pakistan’s Independence Day – 10-page newspaper. On India’s Independence Day – 106-page magazine.
From Anam Tariq
Twitter comment
Unfair
Obviously nothing against India in particular. But this is biased.
From Siham Arif
Twitter comment
Editor’s note: Gulf News is a UAE paper whose readers include Indians, Pakistanis and citizens of more than 100 other countries. Our special reports division, GN Focus, puts out commercial publications on India, Pakistan, Germany, Australia, USA, Japan, Qatar and a host of other countries. A decision to publish such a report is driven both by interest from readers and advertisers. Our Pakistan title was published on August 14, while the India title followed the next day. The number of pages in each product is based on advertiser interest. Each was distributed with Gulf News.
Surprised
Very strong photo in Gulf News today from Egypt (“Bloodshed in Cairo”, Gulf News, August 15). I’m surprised that this went through.
From Joe
Twitter comment
Disappointed
Has your editor gone on leave? I’m a Gulf News subscriber. I was shocked to see today’s newspaper. The front page picture is unacceptable to me as an individual reader and I’m sure many would agree. Does anyone think of what kind of an impact that would have on children if they see it?
From Sheriyar Unwalla
Facebook comment
No choice
I hate to see these images and news early in the morning, but do we have a choice?
From Suresh Bhura
Twitter comment
Editor’s note: Gulf News is a newspaper that practices ethical journalism. We would never sensationalise news. Our role is to present the news as it happens. This picture is reflective of the events that took place with reference to the story reported with it. We take all feedback on board and welcome it, as it helps keep us accurate and relevant.
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