Outstanding GCC credit card debt at $7.7bn
The outstanding credit card debt in the GCC stands at $7.7 billion, Arabian Business reported, quoting new from research and advisory firm Lafferty Group.
An average of $1,135 is owed on each of the 6.8 million credit cards in the region, according to Lafferty data.
According to the London-based firm, outstanding debt on credit cards in the six GCC nations peaked in 2009, at just under $8bn.
Lafferty added that not all of the outstanding debt will be reclaimed. Gulf banks are expected to write off close to $600 million in net-credit losses on cards in 2010, the firm said.
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