Despite the gains we’ve have made chipping away at our collective debt, many Americans still struggle to balance the weight of their credit card debt every month. People carrying a lot of debt have little opportunity to transfer balances to cards with lower APRs, and missed payments can tack on fees and penalty rates of around 25 or 30 percent. We just don’t know how good we have it.
As a recent article in TheNew York Times points out, the situation in the United Arab Emirates is far grimmer for people with a debilitating credit card debt. The industry is subject to far less regulation than it is here, and credit card issuers in recent years have aggressively targeted financially unsophisticated migrant workers that make up the vast majority of the country’s population.