Taking on excessive debt too early in life can have long lasting consequences for the young
Young adults see themselves as just that, adults, but often they still have some attitudes that require adjustment. In particular, young adults can find it difficult to think long-term. When it comes to debt, this is particularly important, because what seems like a small amount can easily become a big problem.
As reported in yesterday’s newspaper, a survey by the Community Development Authority in Dubai has highlighted the extent of debt, with 35.2 per cent of Emiratis over 18 borrowing money, 19.4 per cent of expats and 18.3 per cent of Arab expats. Many will acquire “good debt” – debt in the service of education, for example, or to buy a house. But many more will take on “bad” debt, seeking the most fashionable cars or funding an excessively expensive lifestyle.
For young people, in particular, decisions early in life can have consequences that can be difficult for them to foresee.
Take, for example, a loan to buy a car, which is typically for a term of five years. To a 21-year-old, five years can seem a lifetime. But the years between 21 and 26 are times of immense change in the life of a young adult. Taking out a loan to buy an expensive car can, in imprudent hands, quickly become a severe liability. What can seem like a modest monthly outlay can quickly add up – especially given that, as the survey also highlighted, up to 20 per cent of respondents had missed an instalment in the past year.
That debt can easily become an albatross around a young person’s neck, preventing them from doing things they may wish to do in their twenties – travelling, working or studying abroad, marrying and starting a family. Each person’s trajectory will be different, of course, but understanding the stark reality of debt can be helpful. All of this, of course, will only become more serious once a credit bureau is fully established. Young people who default on their debts will find that their credit rating is diminished for a long period, possibly reducing their ability to acquire “good” debt such as a mortgage.
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Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.