Do you have a credit card?
And do you also have loans or other credit cards that are maxed out to the limit? If so, then you could be among the one in five UAE residents using a credit card to make debt repayments.
According to a new survey from compareit4me.com, a UAE-based finance comparison site, the number of people paying off loans with a credit card is on the increase.
While 20 per cent confessed to the risky financial habit, another 45 per cent said their monthly debt repayments were beyond their means.
Tom Davies, the operations Manager at compareit4me.com, says: "We found worrying trends with large portions of the respondents; trends which meant people were accumulating debt quicker than they could afford."
The poll also revealed almost four in ten have three or more credit cards and over half of those with three cards or more have already used up over 90 per cent of their available credit.
Even more of a concern is that 42 per cent of those polled only make the minimum payment on their credit card each month.
With UAE credit card rates among the highest in the world, it is wise to think very carefully before signing up for a credit card. If you can afford to pay it off each month and take advantage of any benefits on offer, then great.
However, if you can't afford the repayments, get your spending in order now. If you don't, you risk falling into a never-ending debt cycle.
It's a dangerous road to travel down and one that invariably ends in financial disaster.