People should have some support system

Dubai: Two years ago, Mike and his family were doing great. He had the perfect job, a nice apartment and three happy children who went to one of the best schools in Dubai.

Today, Mike and his family are struggling. He lost his job and can't find an affordable place to live. The biggest problem though, is that he could end up in jail. The car loan, which was not an issue last year, is now a big problem because of his lack of income.

Today, and because of the financial crisis, many people find themselves in Mike's shoes, faced with his fears and concerns.

Kellie Drayton, a 24-year-old Australian says: "I honestly feel sorry for people who are in this situation. Many people are struggling because of the financial crisis, but it makes me sad that people could end up in jail because of it."

Kellie believes that people who are stuck in such a legal situation have to be supported socially some way or another.

"People should definitely have some support system they could reach out to in times of crisis. This could be through providing them with financial advice or emotional support," she says.

Alya Ahmad, a 36-year-old American agrees.

"There should be a support system and bankruptcy laws to protect every individual financially. It is a right that everyone could and should have," she says.

Not everyone believes in such rights however.

Ala'a Mohammad, a 27-year-old Jordanian, thinks that people should be completely responsible for their actions, including their financial choices.

"I don't think there should be any support system to help people who are in jail over unpaid debts," says Ala'a.

"If there was a social service set up to help every person who is in legal trouble over debts, this would encourage more people to take loans that they later wont be able to pay back."

Still, Ala'a and many others believe that authorities and banks are equally responsible in tackling these issues, which are very common because of the current financial crisis.

"Banks must understand the current situation. They should make it a bit easier for these people who are in debt by giving them more time," he says.

Adman Shabir, a 28-year-old Pakistani agrees.

Insurance option

"In some countries abroad, there is a system in which insurance companies pay back banks if an individual is unable to. This system could help if applied in this part of the world," says Adman.

While some give suggestions to help out individuals who are stuck in such situations, others believe that there are ways to prevent people from getting into such situations in the first place.

"I think authorities could raise awareness about loans, by providing certain guidelines and information to individuals who intend on taking loans in order for them to be fully aware of what they are getting involved in," says Alya.

Drayton agrees that these issues could be prevented.

"I think banks should be more careful when giving out loans," says Kellie. "Many people are struggling right now and therefore might not make the best financial decisions. If the bank thinks that the candidate wont be able to pay bank a loan. They should not give it out in the first place."