DUBAI: Banks and wives are responsible for pushing Emiratis into buying things they don’t need, resulting in 70 percent of locals living under the shadow of debt, lawyer Isa Bin Haider said this week.
Bin Haidar made these comments during the broadcast program Rouh Al Qanoon (Spirit of the law), aired by Noor Dubai Radio, where the he discussed in his programme ‘financial issues pending before the courts.’
He pointed to a study by Abdul-Aziz Al Hamadi, which confirmed that 70 percent of Emiratis are immersed in debts for reasons related to the desire to acquire luxury goods and the lack of financial planning.
He added: “The study has implicated the banks and wives - the banks entice people and push them into debt, as well as some wives, especially those who are obsessed about appearances. They force their husbands to buy accessories, cars and trips abroad without a real need for those things, which reflect negatively on family expenses and then drown it in a sea of debt,” he said.
According to him, vanity, consumerism and lack of financial planning are the biggest reasons behind 70 percent of locals being immersed in debt. He also referenced the study conducted by the family adviser Itedal Al Shamsi, in which she revealed that some such wives were wearing shoes priced at AED30,000, and used makeup worth AED10,000.
Courtesy: Yahoofinance
Bin Haidar made these comments during the broadcast program Rouh Al Qanoon (Spirit of the law), aired by Noor Dubai Radio, where the he discussed in his programme ‘financial issues pending before the courts.’
He pointed to a study by Abdul-Aziz Al Hamadi, which confirmed that 70 percent of Emiratis are immersed in debts for reasons related to the desire to acquire luxury goods and the lack of financial planning.
He added: “The study has implicated the banks and wives - the banks entice people and push them into debt, as well as some wives, especially those who are obsessed about appearances. They force their husbands to buy accessories, cars and trips abroad without a real need for those things, which reflect negatively on family expenses and then drown it in a sea of debt,” he said.
According to him, vanity, consumerism and lack of financial planning are the biggest reasons behind 70 percent of locals being immersed in debt. He also referenced the study conducted by the family adviser Itedal Al Shamsi, in which she revealed that some such wives were wearing shoes priced at AED30,000, and used makeup worth AED10,000.
Courtesy: Yahoofinance
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