In December, I was finally able to go home and visit my family after not seeing them for nearly two years because of the pandemic.
Because I did not have any savings, I used my credit card to pay for everything — the flights, gifts for my family, taking them out to dinners and even paying for shopping trips.
I was so happy to see my family that I was not thinking about how much I was spending.
However, the first bill from my trip arrived in January and I was shocked to see that I had spent about Dh20,000 ($5,445), which I cannot afford to pay off all at once.
I am very worried about the compounding interest on the card and that the amount I owe will quickly increase beyond my control.
Should I consider taking out a personal loan to pay it off immediately — or are there other options that I should consider? KB, Dubai
Debt panellist 1: Sameh Awadallah, acting global head of retail banking at Abu Dhabi Islamic Bank
I am sure that it must have been wonderful to see your family after so long. I hope you all had a great time together.
With reference to your situation, the first step you should take is to talk to your bank and discuss the matter as soon as possible because delaying the payment any further can have expensive consequences.
It is also important for you to review your daily expenditures and avoid any extra expenses for the time being. The larger your credit card balance grows, the more will be added on top of the amount you owe.
Get in touch with your bank, explain your current financial position and let them know that you intend to repay it. If you are a loyal customer with a record of timely payments, your bank is likely to work with you on a single late payment.
To begin with, you must immediately focus on spending only on the basic essentials and cancel your credit cards to avoid any further unplanned purchases.
Jaya Ratnani,
managing partner at Freed Financial Services
If not, taking out a personal loan is a good idea to pay off your card debt in full as they often have lower rates and longer payment terms.
You will be able to repay the loan in affordable equated monthly instalments by selecting a tenure that suits you.
Alternatively, shop around for a card with a balance transfer facility. Some banks in the UAE will refinance your outstanding credit card balance from other banks with preferential rates to be paid back in easy instalments.
This is also the time when you should consider having a financial safety net. It is a good idea to try to build one for unforeseen circumstances, unexpected bills and saving for the future.
It is recommended that a good financial safety net is equal to three to six months of your standard expenses.
By doing so, you will avoid stress, feel more secure and be able to enjoy time with your family rather than spending too much time worrying about your finances later.
Debt panellist 2: Jaya Ratnani, managing partner at Freed Financial Services
Any ad hoc debts and unplanned expenditures can eventually lead you to a crisis and hamper your financial management plans.
You seem to have landed in this situation considering you made several unplanned expenditures while at home on holiday.
It is easy for people to be overcome by credit card debt, which typically comes with high interest rates.
Some people pay the minimum amount due without realising the interest is compounded on unpaid amounts and results in the credit card debt mounting.
To begin with, you must immediately focus on spending only on the basic essentials and cancel your credit cards to avoid any further unplanned purchases.
If you have a single credit card facility, the best way forward is to contact the bank and request a settlement plan. The bank will assess your situation and devise an instalment plan in line with your repayment ability.
If you have more than one credit card, it is recommended that you consolidate your debt in the form of a single payment.
The advantage of consolidation is that you deal only with one institution, making it easier to keep better track of how much you owe to a single entity.
You can also opt for a personal loan from the bank where your salary is transferred. This will have a much lower interest rate compared to the credit card.
Debt panellist 3: Alison Soltani, founder of Leap Savvy Savers
It has been hard being separated from family for so long during the pandemic and I understand that you were excited to see them. However, you need to prioritise paying off the debt and avoid this situation in the future.
The first thing to do is stop any further spending on the card. I suggest that you then review your budget by tracking your spending and reviewing your card statements and receipts.
The next step is to organise your expenses into categories, such as groceries, rent, bills and clothing. Sort your needs from your wants and cut out unnecessary expenses to free up more cash to put towards the debt.
You could try a no-spend challenge to help motivate you to cut some non-essential expenses.
There is an added benefit of discovering what you truly value spending money on, which will help you maintain control of your spending in the future.
Starting a side hustle could also help you pay off your debt faster. Depending on your skill set, you could offer a paid service, product or sell excess items from your home.
To help you decide on an appropriate side hustle, think about what you enjoy doing, what people would be willing to pay you for and what specialist skills or knowledge you possess.
In terms of negotiating a lower interest rate, you could look at taking out a personal loan to pay off the credit card.
However, you may be tempted to start spending again on the card. It may be a better solution to transfer the balance to a card that offers a payment plan or a temporary zero per cent interest welcome offer. Some offer six months of zero per cent interest instalments.
Reducing spending, earning extra money and transferring your balance to a lower interest loan or card will help you pay down this debt faster, but the most important thing for you is to learn from this experience. It is worth setting aside some money to avoid situations like this in the future.
Once you have evaluated your budget and cut expenses, allocate an amount each month that you can set aside to save for an emergency fund to help you during unexpected financial crises.
For trips and family visits, you could start a sinking fund. This is where you estimate the amount it will cost you and divide it by the number of months you have to save for it.
For example, to save for a Dh20,000 trip in 10 months, you would save Dh2,000 a month.
Set aside that amount in a savings account every month and you will be prepared to have an enjoyable, debt-free holiday with your family.
The Debt Panel is a weekly column to help readers tackle their debts more effectively. If you have a question for the panel, write to pf@thenational.ae
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Intercontinental Cup
Namibia v UAE Saturday Sep 16-Tuesday Sep 19
Table 1 Ireland, 89 points; 2 Afghanistan, 81; 3 Netherlands, 52; 4 Papua New Guinea, 40; 5 Hong Kong, 39; 6 Scotland, 37; 7 UAE, 27; 8 Namibia, 27
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Opening Premier League fixtures, August 14
- Brentford v Arsenal
- Burnley v Brighton
- Chelsea v Crystal Palace
- Everton v Southampton
- Leicester City v Wolves
- Manchester United v Leeds United
- Newcastle United v West Ham United
- Norwich City v Liverpool
- Tottenham v Manchester City
- Watford v Aston Villa
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Key Points
- Protests against President Omar Al Bashir enter their sixth day
- Reports of President Bashir's resignation and arrests of senior government officials
FORSPOKEN
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Star%20Wars%20Jedi%3A%20Survivor
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Diablo%20IV
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Baldur's%20Gate%203
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The%20Legend%20of%20Zelda%3A%20Tears%20of%20The%20Kingdom
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Marvel's%20Spider-Man%202
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Assassin's%20Creed%20Mirage
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Starfield
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How tumultuous protests grew
- A fuel tax protest by French drivers appealed to wider anti-government sentiment
- Unlike previous French demonstrations there was no trade union or organised movement involved
- Demonstrators responded to online petitions and flooded squares to block traffic
- At its height there were almost 300,000 on the streets in support
- Named after the high visibility jackets that drivers must keep in cars
- Clashes soon turned violent as thousands fought with police at cordons
- An estimated two dozen people lost eyes and many others were admitted to hospital
Reputation
Taylor Swift
(Big Machine Records)
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
FIGHT%20CARD
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TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
Zayed Sustainability Prize
