A page three article in The National today took my breath away: banks, fearing redundancies among their customers as the financial crisis hits the UAE, have been arbitrarily, and without proper notice, dramatically cutting credit limits and maximum ATM withdrawals. Can they even do that? They are, doing that. Can you imagine if this were to happen back home?
Even my bank, HSBC, has done so. I haven't received the Dec 11 letter yet informing me of the change. But I am just about to head out to buy a new laptop, so we will see what happens.
Things have changed so dramatically since I arrived eight months ago. We all opened accounts and joked about the level of credit they were throwing at us. Cards just seemed to keep arriving in the mail. A car loan was like hailing a cab. And I was told I could get a mortgage for a $500,000 Cdn property. The agent kept saying "two bedroom" when all I wanted was one.