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Thats how it all started in the West, first the housing collapse and then the banks. Its just the beginning in Dubai.

http://www.arabianbusiness.com/548034-u ... plunges-98


http://www.arabianbusiness.com/548025-e ... ap---paper

Absolutely gross f**king negligence, greed and arrogance. Sorry, but it's because of this, thousands of people are having their lives ruined.

If you have credit cards with these companies, I would recommend to pay of your debt and cancel the card, because UAE banks are going to tighten up credit soon just like CitiGroup and others are doing now.

To remind people: Banks in the US have increased card rates from 13 percent to 48 percent recently. It depends on your credit rating what rate you are going to be charged.

Tighten those belts or a rude awakening awaits you...

i wonder if my money is safe or whether i should invest in a huge PIGGY bank

If you have any bank debt, and you have money in the bank, no, it isn't safe. I'd slice a hole in your matress and stuff it into there. Saves a few dirhams on a camelly bank.