Debt crisis.
Just when we though countries are doing well, considering all economic breakdowns happening a few months back, including Greece‘s, Portugal and Ireland are now positioning themselves for rescue plans.
If individuals have this kind of thing because they spend more than what they have, then nations are vulnerable too, borrowing for their national programs. Mismanaged finances make the country has a deficit that grows exponentially big and at times, uncontrollable.
For me personally, I don’t spend more than I earn, Unless I win the PhP500 lottery, then my spending habits still stay the same 😀
