Another Day Older And Deeper In Debt

As a university student I spent a lot of my parents' money not so much for my education but because looking and staying cool with my friends and peers was an expensive affair.

I was always broke; but at the back of my spendthrift head I knew either mum or dad would come through every time I whined I had to have money to be 'normal'.

Until my wise old grandmother took me aside one day and told me horror stories of families in debt and the awful consequences: years behind bars, suicides and even murder.

Over the years things have changed. At 18, college-going kids these days start life with a credit card in their pocket, spending money they don't have buying goods and services they don't really need.

Time and space you will say and I absolutely agree that economies grow because of the demand and supply of money; but as human beings are we all able to draw the line? Are we all able to turn around and say 'enough'?

Statistics reveal that in 2005 the average American was $8,000 (Dh39,360) in credit card debt. In the UAE however the average spending by credit card is the second highest in the world.

We have no per person figures for the UAE but the young people we have spoken to are all employed and are here specifically to earn and save money but have unwittingly found themselves with zero savings and in hock to the bank.

Living the good life can be expensive and money lending institutions are extremely persuasive and generous when marketing their services until of course the borrower defaults.

The number of people in jail for defaulting on loans here is rising but the exact figures are not available.

In 2006 however 5,710 people were taken to court for bad debt. Were they all sent to jail? We don't know. But think about it, that's 5,710 families in dire straits.

Nirmala Janssen
editor@alnisrmedia.com
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