FOR UAE CONSUMERS, A TIME FOR DISCRETION ON SPENDING? The US Federal Reserve has had its say, hiking base rates by another 0.75 per cent and a fourth successive one at that. As residents in the UAE, those with (unfixed) mortgage payments, other loans, credit card bills will find a yet another increase on their outgoing payments. There is another hike in December, and whether it’s 0.75 per cent or 0.50 wouldn’t make much of a difference. Not after these successive increases. So, how will consumers here respond? A bit of discretion for those who find their finances are getting stretched would be the ideal sentiment to carry around. Because indiscretion on spending in these highly unusual times could prove costly, in more ways than at the point-of-sale. (By Manoj Nair, Business Editor)
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