I have just read a very inspiring Sunday message an hour ago, until news about Spain’s economic slump dampened the day. Businesses are closing down and more people are out of job. Greece is looking into a second economic bailout, as debts continue to soar.

What were the primary reasons for this European crisis, aside from the flawed management of the Euro?

“The Greeks borrowed and consumed recklessly, and got totally uncompetitive at making things and providing services like tourism,” says Yiannis Boutaris, mayor of Thessaloniki, Greece’s second-largest city.

“Many got into debt when times were good, buying houses and cars and starting families,” says Ricardo Jiménez, who runs the local branch of the Catholic charity Caritas.

Borrowing and overspending caused the debt crisis in most countries in Europe. People forgot to live simply and save, to be happy and content with what they have. Materialism at its worst.

The Philippines is no longer a stranger to foreign debts caused mainly by graft and corruption, not exactly by majority of people who are big on spending as most Pinoys are having difficulties finding jobs. The country survives because of overseas Filipino workers.

Today, we’re in the middle of commercial boom and low-interest credits and people are starting to spend more than what they have. Ten years ago, a person with a modest income couldn’t apply for a credit card and was content with what he has – a roof on his head, basic utilities, food, fleece jackets to warm him at night, sending kids to public schools, riding the jeep. Today credit cards and loan facilities are being offered like burgers to anyone. People are buying more – expensive houses, condo units, latest gadgets, food you hardly eat. I just hope we don’t bite more than what we can chew.