Qataris adopt debt as a luxury accessory
May 14, 2012 5:26 pm
“I never saved in my life,”says Ghazi, a Qatari businessman.
Since he began working 35 years ago, he has been in debt. He owes a lot of money, not for one loan but for “three company loans and a bank loan, personal loans, car loans – three car loans”, he says.
Ghazi is not alone. Seventy-five per cent of Qatari families are in debt, most owing in excess of QR250,000 ($68,600), according to a 2011 Qatar National Development Strategy report. Some of this can be attributed to the country’s most economically disadvantaged families struggling to make ends meet, but the report gave another reason for the indebtedness: Qataris are living beyond their means, in a “prevailing culture of extravagance and conspicuous consumption”.
READ MORE: http://www.ft.com/cms/s/0/d4848c0e-9db8-11e1-838c-00144feabdc0.html#axzz...
what a way to advertise...lol :)
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It's kinda ironic that the richest country per capita also has the most indebted citizens. No wonder they can't kick the expats out and accept a lower standard of living, they can't afford the standard they have now!
UAE settles citizen's defaulted loan once again totaling AED 568 million, the second time within a year. As pcqatar said, who cares about the loan... it would be made free someday.
http://en-maktoob.news.yahoo.com/uae-settles-citizens-defaulted-loans-1-4-m-220219010.html
how come you know a colleagues salary? that seems to be wrong. some dont bring all their money with them because they prefer to use debit cards or there is no use for cash while in office. i dont agree with you that if your wallet is empty, that means you are broke.
Ingesu, it's called a new-rich mentality.
Hey, hey, another slave to the Financial Capitalist debt-based monetary system!
During course of time...govt will write-off most of the debts for the nationals as a stimulus package...as what happened in UAE last year..so dont wory abt that part.
I use to work for a Bank, no doubt about this article. I've personally known people driving a Benz and asking money from local strangers to fill up the gas. Raising 60% salary (120% for most) means more loan and more G55 matte around landmark!
how silly to think to be broken could ever be fashionable...
A mortgage for a house or loans for three cars and jewellery on the other hand seems to be a slightly different issue, I guess.
A bit over the top..
Most of us have mortgages of similar if not larger scale.
Some good news for europeans ... Will make them relax a bit ,
A (Qatari) friend of mine took a loan to finance his wedding. Now he's on the run. I told him, don't get married, it's wasted money! But he did not listen.
LoL LP, I guess we will now see a bunch of locals camping in front of QNB... indignados, indignados, just like in Spain! ha ha ha ha!!!
The banks will love this behavior. It's their business, isn't it?
I remebered reading a GulfNews article about Emiratis lifestyle when i was in Dubai, ofcourse after reading this i think Qataris are following them in every footstep. Just imagine those people wouldnt mind taking a bank loan to simply buy a posh vanity bag, go d only knows what they are upto.
some are expats who are up to their necks in debts...
a guy in our office has a salary of 20thou+ a month but not even a hundred riyals in his wallet...imagine that :P
How did I know, I asked him if he could break my Boss' 100 bills to pay for the food...he showed me his wallet :O
I agree with you, 100% they are like this even I know many of them same not saving totally lost in their debts personal,cars,banks etc etc
BIQ, are you serious?
Its not like that, Personally know many Qataris who have a Lavish Lifestyle but every month they have to pay 15000 QAR to the bank.
driving a nice car doesn't make you rich