Many consumers find that credit cards enable individuals to borrow money to bridge gaps in their (financial) gap, pay for wedding receptions, make uninformed choices, or even enjoy holidays, when the majority of these large expenses need to have been planned in initial stages. But if you’ve got due on credit card, choosing the wrong Credit Card Settlement Agency could be the worst alternative you can think of. Global Debt Advisory is one the most seasoned Credit card Loan Settlement Agency which is a great option to choose.
The most frequent causes for people to be in an unmanageable amount of debt is a sudden loss of employment and a decrease in income.
While you may receive solicitations from banks and financial firms asking you to take out additional loans, top-ups or to convert your big purchases into simple monthly installments but the most key is to keep your head above the fray and not give in to it.
Here are six tips on how you will not fall into any type of debt in Dubai:
- Examine and accept your situation, and then attempt to gain an overview of your credit score on various credit cards.
- Contact banks for a restructuring of the balance to a fixed-interest loan. This will end the accumulation of high interest and help you avoid additional late payment charges.
- Check out the balance transfer option offered from other credit card firms, as they usually provide an interest-free period of 3 and six month.
- If you are currently employed, consider getting the salary loans (or an individual loan through a banking institution) for the purpose of paying off your high-interest debt.
- In the event of the possibility of redundancy review the policy to see if there is insurance coverage for the card. Be aware that loans with no collateral typically have a credit protection.
- If none of these options apply to your situation, you can seek help from a lawyer and look into your alternatives.
Do not forget that credit card debts can result in jail time. Criminal code UAE No. 401 stipulates that in the event of insolvency of payments, banks may put the security cheque in the bank to collect the money. If the cheque is bounced it is possible for the bank to pursue criminal charges against the defaulter, which could put the defaulter in prison.
However, ending up in prison won’t release any person from the burden of debt, as banks could seek the help of the civil courts to seek repayment. In these situations, leaving the UAE will not help also. Instead, speak to Global Debt Advisory and look at options to Credit Cards Restructuring. In the majority of cases, individuals are able to negotiate a settlement with banks that is agreeable to both parties.
When you look into the options described above, you’ll be able to develop an even more specific plan that includes feasible steps you can manage finances. It is important to be prepared because there will always be a chance in every circumstance.