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"Hi, my name is Samir and I worked as a Guest Relations Manager in an international hotel chain. I am single and I moved to Sharm el-Sheikh 8 years ago. I love this place - the sun, the sea and the people.
I have a lot of friends here and they, like me are single and are enjoying life in the fast lane. I enjoy travelling and always like to own the latest gadgets – be it a new phone or a new accessory for my car. Like a lot of people, I also make most of my purchases via my credit card and it is normal for my monthly credit card bills to exceed 30 to 40,000 EGP a month – especially when I am travelling.
I did not think twice about my bills although I did not have a lot of savings because I had a good job which paid well.
All was fine until the economic crisis hit. The tourism industry suffered, and I was in the list of people made redundant by my employer when they downsized.
It was unexpected and it threw my life into a spin. I was struggling to meet my day-to-day living expenses when I received my card bill. I called the bank to explain my circumstances and the fact that I did not have the necessary funds to even pay the minimum balance due.
My banker listened to my story and re-assured me that I need not worry about my bills and that my credit card insurance offers an “involuntary loss of employment” cover which means that if I am made redundant, they would pay the minimum balance due on my card for the next 6 months.
Thinking back, I am now extremely grateful that my bank convinced me to take this cover. It has helped ease my financial difficulties and given me one less thing to worry about while I focus on getting a new job."
Want to know more?
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