DOHA: Now that it is time for many Qatari families that have gone on their dream overseas vacations to return, some in the community say the trend of people taking huge bank loans for fun and frolicking and getting trapped in debt, must stop.
The authorities concerned must launch an awareness campaign to convince people that it is dangerous to splurge so much money, mobilised through bank loans, on foreign tours.
Khalid Al Ammari said this phenomenon of people taking bank loans and going holidaying overseas is new and was unknown in the Qatari community until a decade ago.
“You go on an overseas vacation for a few days but you keep repaying a bank loan taken for the purpose for years on end. Is this a wise thing to do?” Al Ammari asked in comments published by local Arabic daily Al Watan yesterday.
Awareness campaign
“The authorities must launch an awareness campaign and convince people not to splurge money on unproductive things like foreign tours,” he added.
Businessman Mohamed Al Obaidly said on average a family going on vacation in Europe for 10 days to a fortnight spends between QR70,000 and QR150,000 ($41,200).
“I am against people taking bank loans just for vacationing. This has become a habit of many fellow citizens,” he said. “Take a loan but only if it is necessary.”
Al Obaidly said the craze of some people to go on a dream vacation is so much that they even sell their new cars.
Dream destinations
The dream destinations for most Qataris are London, Paris and Berlin.
Former vice-chairman of Qatar Chamber, the representative body of the private sector, Abdulaziz Al Emadi, said as per his estimation a family of five vacationing for 10 days in Europe ends up spending about QR100,000 ($27,500).
The trend of overseas vacationing is not restricted to Qatar alone. It is a craze that has now spread across the Arab Gulf region, said Al Emadi.
He added that banks are also to blame since they tempt citizens to come and take consumer loans.
“There are some people who have been suffering financially just because they took loans and splurged on holidaying,” he added.
Al Emadi said when in Europe one usually spends QR2,000 a day on average.
The figure may be slightly less for an Asian country. “But this is usually what an individual may spend a day while vacationing overseas.”
THE PENINSULA
