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Insolvency law is good, but let's be mindful of our finances

Filed on November 18, 2019 | Last updated on November 18, 2019 at 10.50 pm

We often read reports about people committing suicide due to a plethora of reasons. In many such cases, people are pushed to the wall after failing to keep up with their financial commitments. For some it is reckless spending, and for others genuine losses in business that drown people in debt. However, a slew of recent changes announced by the government would provide some relief and succour to the ones in need (UAE lifeline for debtors; KT, Nov 18). Many people do not know what to do when unable to pay back their lenders. If the debt is considerably large, often people think of packing off and leaving to avoid any criminal charges. The new law will change this and allow lenders and debtors to explore ways of settling debt. However, it is always good to spend within means and limit the use of loans and credit cards. When you spent more than what you have, and cannot repay, problem starts.

- Mathew Litty, Dubai


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