Friday 17th August, 2007 

We seem to be a nation of people who are lacking in self belief and high esteem. A recent survey has indicated that we are spending £45bn annually just to keep up with the Joneses plunging them into debt.

Online credit monitoring service CreditExpert.co.uk, revealed that one in 5 of us admit to overspending. The reason we gave was peer pressure! Rather than saying we can't afford the next round we dive into our pockets or put it on the plastic and spend more than £5,874 a year beyond our means. Our image seems to be more important than the reality, with 37% of us feeling so insecure about not fitting in that we try and bluff our way in social situations by over spending.

So what are we buying? Half of us feel pressured into buying large rounds of drinks, and being overly generous with presents for friends and family. One in 4 of us try to impress on dates and shell out more than they can afford.

How much are we spending? The research indicated that one in 8 of us spend more than £100 beyond our means on clothes and fashion accessories each month. The average man will spend nearly £2000 extra a year to keep up with their car fashion conscious pals. Women are not much better overspending by about £1000 on their car.

If you have overspent or have a debt problem then Debtwatchdog can help with budgeting tips and debt advice. Don't let overspending or lack of confidence get you into financial problems. If you have any questions or comments you would like to make post them in our forum.