It is happening now here in Doha. Just observe parking lots near the airport area, shopping malls, markets (FFC, Al Meera, The Center, etc...) you will see abandoned cars gathering dust and tires semi if not totally deflated.

I pity those people who run from their loans here thinking that the lending institutions here will not run after them.

I know a person who took out a loan here and then ran away to his homeland. Now he is also in hiding in his country because suddenly a representatives of the bank came to his house with the police. He was not at home at that time. He has since been hiding and gets to speak to his family just once a month because he is afraid of being tracked down.