Not wanting to be seen as tight or ungenerous is costing the average adult over £1,000 a year, so adding to any debts you may already be thinking about getting on top of through debt consolidation to rein in what you owe.
The Money Advice Service (MAS) has indicated that average `social debt` sits at £1,260 a year, with more than half the people surveyed indicating that they spend more than intended on going out and enjoying themselves.
Two thirds of people reckon that they spend more on rounds than they receive and another third indicate that they don`t get great value when the bill is split in a restaurant, as they end up contributing to their fellow diners` more expensive meals or drinks.
Social psychologist Jenni Trent Hughes admits that `it`s really easy to be swayed by peer pressure`, but you should be `honest and clear` about why you can`t spend money on frivolous things. She adds that if pressure is still being placed on you, you should speak to your friends `or even rethink the friendship`.
In response to the figures, Jane Symonds from the MAS is encouraging `anyone in debt, due to their social spending, to take action now to avoid getting any further into the red and instead work at clearing it`.
One method to do precisely that with a debt consolidation loan, which can pay off your unsecured debts and leave you with a single lower loan repayment that you can pay off over a longer time, although this probably will increase the amount of interest you pay. So it is case of making sure it works for you and only raising what you need.
At First Choice Finance, we`ll try to minimise that by finding the most suitable deal for you from our lenders on a no obligation basis. Discover more at firstchoicefinance.co.uk or call and speak to our finance team directly on 0333 003 1505 or 0800 298 3000.
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