I am going through a challenging situation with my technology business. I have many loans and credit cards and am paying almost Dh70,000 every month in repayments. My operation is small with only five staff and our revenue is Dh250,000 per month. However, I am struggling to keep up with the repayments as well as pay staff and my rent. Every few months there is a shortfall of Dh30,000 to Dh40,000 and I use credit cards to top up the difference. All my profit is going to the repayments and I end up using credit cards to pay the staff and any bills. I then only pay off the minimum on the credit cards. In total I owe Dh1.35 million: Dh600,000 to the three banks in loans, Dh350,000 on 13 credit cards and Dh400,000 to friends.
The situation …
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