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/cm...
Questions and Answers
- Sample Budget and Cost of Living
- Qatar Schools Database
- Residents Guide to Qatar
- Siteseeing in Qatar
- Traffic Rules
- Attending a Qatari Wedding
- Gift ideas from Qatar
- Buying a used car in Qatar
- Renting in Qatar
- What to consider when renting in Qatar
- Preparing for Winter in Qatar
- Registering a birth in Qatar
- Blackberry phones in Qatar
- Old Qatar
- What's Happening in Qatar
- Online Shopping in Qatar
- What does Doha look like?