Hundreds of thousands of UAE residents continue to depend on credit cards, despite economic recession and tightening of lending procedures, racking up a combined bill of Dh11 billion in credit card bills, a recent survey revealed.

The UAE’s credit card debt tops the entire GCC, leaving even the Saudis behind by a long way, who owed $2.3 billion in credit card debt, Dubai based tabloid 7days reported, quoting a survey by UK-based Lafferty Group.

With 3.7 million credit cards in the UAE clocking a combined balance of $3 billion (Dh10.8bn), the country accounts for just under half of the Gulfs credit card bills of $6.8 billion.

Though the experts say the lending situation is improving as banks toughen up their policies, but common people complain credit card sharks continue to hound them on a daily basis.

According to Andrew Neeson, the head of research at the Lafferty Group, banks and cardholders are being more careful with their money than at the peak of the UAE’s credit boom.

Outstanding debt stood at $3.3 billion in 2009.

He said individuals have slowed borrowing, and banks have lowered credit limits and tightened criteria for approving cards.

Lenders are now bringing out cards targeting the ‘premium’ end of the market, as these high-earners are seen as a safer bet, he added.

Whereas less affluent customers rack up credit card charges just to live, the more affluent segment use cards as “a convenience tool”.