Christmas debt 'could have psychological effects'
Christmas debt 'could have psychological effects'
Wednesday 10th December 2008
This is according to psychologist Tom Fawcett, who warns that people who are careless with their money during the festive period can face "heavy personal consequences" after Christmas.
Writing in the BBC's Scrubbing Up column, the University of Salford lecturer says that people often feel under pressure to appear generous in front of friends and family members at Christmas, causing them to spend beyond their means.
As well as leading to debt problems, this can also have a severe impact on their psychological health.
"If people do lose control of their spending and shop in denial, there can be a massive loss of confidence and self-esteem," Dr Fawcett explains.
"People can end up with problems in other areas of their lives, like relationships and work."
According to research from HSBC, the average Briton plans to spend £479 on presents and other Christmas items this year.
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