Monday, September 21, 2020
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How to Live a Debt-Free Life in Qatar

Are you currently stuck in debt in Qatar? Some expats face the same situation every now and then. Imagine being surrounded by good brands, great dining places, and other things you will be tempted to spend on. It would be challenging to avoid those material things, especially during payday, right? What’s even harder to avoid are banks offering credit cards on top of credit cards and loans on top of loans. You will surely bury yourself in debts if you won’t be able to manage these temptations.

Also Read: 4 Budget Supermarkets in Qatar

It is not so bad to borrow money from banks or get your own credit cards. What’s negative about this is when you overused your money and get yourself into debt that you don’t want to leave your house because you might get haunted by the money you borrowed when you go outside. Expats currently living in Qatar shared their insights on how you can be able to get out of debt and live a happy life in this country. To know other expats’ secret on living a debt-free life in Qatar, here’s the list.

Budget Qatar

Things You Should Do To Get Out of Debt

Negotiate with the banks you owe money to

Go to your banks and talk to them about offering you a lower interest rate. Remember that it’s always better to be willing to pay your debts than run away from them. Your bank will surely see how willing you are to get rid of your loans.

Liquidate and sell your assets

One way you can make cash is by selling the assets you don’t need. For example, if you have extra gold pieces of jewelry, watches, and furniture, you can sell them at reasonable prices so you can generate money to buy some of your loans.

Also Read: Cost of Living in Qatar

Find a cheaper house or apartment

House rentals might be one major thing that is harming your pockets. Talk to your landlord if he can offer you a cheaper space or you can find one for yourself. Cutting your expensive house rentals can be a big help.

Switch to bringing your homemade lunch rather than eating out

Opt to make your own lunch so you can save more instead of eating out frequently.

Sell your car if you have two

If you are alone in Qatar, having 2 cars is not necessary. Sell one of them so you can make cash to pay for your debts. If you think your other car is also making you spend a stash of money, you can sell them both and buy an economical vehicle instead.

These are the major ways you can get out of debt in Qatar. It’s normal to have loans but don’t get yourself into so much debt that you can’t pay them anymore. If you have several credit cards, retain one. If you are fond of buying luxury things, just buy the essentials. It is better to budget your monthly expenses so you can keep track of your money.

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