Avoid Credit Card Debt Tips

The article addresses the issue of debt burden on households and how its proportion affects their ability to meet basic needs and save. It reviews the standards and warnings related to the excessive use of loans and credit cards. The piece emphasizes the importance of monitoring the debt-to-income ratio, which should generally not exceed 36%, and explains the limits set by the Saudi Central Bank, the Central Banks of Egypt, Jordan, and the UAE to maintain financial stability. It also warns of the risks of excessive borrowing, especially reliance on credit cards to cover living expenses, and offers advice to avoid financial distress, such as building an emergency fund, clearly disclosing the costs of loans, and maintaining a balance between obligations and repayment capacity.

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