By the end of 2013, the total debt of personal (individual) loans counted up to SR315 billion. This category of loans is usually for 3-5 years of settlement agreements between banks and employees of Saudi nationality. It is usually dedicated to a number of uses by individuals, but it is mainly used for paying rents, buying a car and accommodation furniture.
The number increased a big deal during 2013. The total amount of personal loans in 2012 was a tad higher than 200 billion. This indicates an alarming increase in those who need loans to fulfill basic needs.
The loan records reveal that this huge amount of cash is used to facilitate two giant factors: Rents and cars. This, strongly, supports the argument of raising these two issues as the sculpturing chisels of the statue of social conflict. Relatively, any increment in salaries or reduction of goods prices is not going to be of great help, unless problems of housing and transportation are solved first.
— The writer is media manager of the King Saud bin Abdulaziz University for Health Sciences.
Twitter: @abdullahsayel
