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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...
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Comments
fan_ni_sarap said
driving a nice car doent make ...driving a nice car doesn't make you rich
asterix--- said
BIQ, are you serious? Its not ...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.
______________________________________________
For years I have improved on everything,
Except MY rugged Good Looks...
just201025 said
I agree with you, 100% they ...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
*A successful man is the one who can lay a firm foundation by the stones thrown at him*
azilana7037 said
Not all in Qatar who have fancy cars are Qataris ...some are expatriates 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
shisha202 said
I remebered reading a ...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.
LincolnPirate said
The banks will love this ...The banks will love this behavior. It's their business, isn't it?
Physics is like sex. Sometimes we get some practical results, but that's not why we're doing it!
Mike Shamrock said
LoL LP, I guess we will now ...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!!!
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LincolnPirate said
A (Qatari) friend of mine ...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.
Physics is like sex. Sometimes we get some practical results, but that's not why we're doing it!
Wireless Brain said
Some ...Some good news for europeans ... Will make them relax a bit ,
britexpat said
A bit over the top.. Most of ...A bit over the top..
Most of us have mortgages of similar if not larger scale.
LincolnPirate said
A mortgage for a house or ...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.
Physics is like sex. Sometimes we get some practical results, but that's not why we're doing it!
Ingesu said
LOL about the wedding... but ...how silly to think to be broken could ever be fashionable...
What is luxus without a mother´s love?
http://www.change.or...
dotdot said
I use to work for a Bank, no ...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!
pcqatar7 said
Govt. will write-off most of the loans for nationals here.. ...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.
JC647 said
Hey, hey, another slave to ...Hey, hey, another slave to the Financial Capitalist debt-based monetary system!
Mike Shamrock said
Ingesu, it's called a ...Ingesu, it's called a new-rich mentality.
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bryan_igop said
if you have money, do you need to bring it ...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.
Thanks!
Prism said
UAE settles citizen's ...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.ne...
"If you do not want your enemies to know the facts, take care that your friends do not know them"- Machiavelli
mozaismyhero said
It's kinda ironic that the ...It's kinda ironic that the richest country per capita also has the most indebted citizens. No wonder they can't kick the expatriates out and accept a lower standard of living, they can't afford the standard they have now!
RiaanFV said
1st step is to know where you stand, then to plan ahead, expatriates! ...Planning your financial health begins with the right advice. What you need is to deal with a legitimate QFC Authorised and Qualified Wealth Manager who can guide you to build wealth and to protect wealth. Someone who has been top in his industry for the last 2 years in a row. Not to do so will cost you more dearly then you most probably know. I am all of this and I want to help you to make the right financial decisions so that you will protect yourself and your family. There is no magic cure and no magical fast way to become wealthy. It will take long term dedication but you will reap the rewards one day. If you are betting on winning the lottery know this: your chances are bigger to be killed in a car accident on the way to collecting your winnings, then it is to actually win the lottery. Other then this, I know you should be talking to me right now.
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riaanfv.com
azilana7037 said
and you're the Messiah who can help the expatriates? ...what a way to advertise...lol :)