I have fallen prey to the credit card monsters here in Dubai. Back when recession was far from everyone's minds, banks here in the Gulf region offered great deals on credit cards. Some offered free-for-life scheme where annual fees were waived. Others had interest-free for a certain number of months. All those changed when recession hit the financial market. The banks issued new credit rules and interest rates were hiked.
I remember paying for a certain card for less than $100 only but now, I have to shell out extra money just to cover the minimum when I have not used the card recently. It seems like my credit card bill has not improved at all and I owe the bank more than what I have used because of interest charges.
Banishing my credit card bills is my primary concern. I want to be able to enjoy my earnings too and not waste it by paying credit cards every month. It is hard to accomplish this goal at this point because of many factors. Money is scarce. Our company has not given us any increment last year and other incidental expenses keep creeping up like school fees, car maintenance, house rental, mortgages and family to support in the Philippines. I am not even taking into consideration the medical bills I have to incur for my check-ups and medication.
I wish there is a fast way to reduce the card bills. I hope they can offer credit cards with small interest fee like TrueEarnings card and Starwood Preferred Guest Card which you can use for your basic needs like groceries and food items. At least, the purchase of groceries and food items is something I will not feel guilty of.
The US market is more flexible in helping consumers cut back on their spending and lessen the credit card bills. US offers great deals on cards and provides free credit standing checks to consumer. I have yet to see a financial institution here in Dubai to offer credit standing check. All I know is that, we are paying so much for the use of cards. To be able to maximize the payments we make, we must pay more than the minimum. This is a sure way to banish card debts completely and fast.