About 60,000 Saudis are unable to pay off their loans, said Abdullah Marei bin Mahfouz, chairman of the Jeddah branch of the national committee for the care of prisoners and their families.
Bin Mahfouz said that currently about 300 Saudis are imprisoned in the Kingdom who are unable to settle their bank debts. In addition, about 500 prisoners are unable to pay off credit card debts, and car installments.
Between 2009 and 2011 the increased effectiveness of the payment system -- which protects the rights of banks -- contributed to lowering the number of people who borrowed money to buy consumer goods, he said.
"I think Saudis are becoming more cautious about getting indebted due to the strict procedures that banks are following. Still, too many Saudis make debts to fund their summer vacation or to buy a luxurious car," he said.
Read more: http://www.zawya.com/story/60000_Saudis_unable_to_repay_their_debts-ZAWYA20130206030545/
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