Britons taking on debt to buy items they can`t afford

Research from uSwitch.com has found that retail therapy is `fast becoming a curse instead of a cure for Britain`s recession-fatigued consumers`, with a large number (35%) of shoppers feeling increasingly guilty when they`ve spent money on the high street, headlinemoney.co.uk reports.

The research found that out of the shoppers who felt guilty, 48% did so because they should have been saving their money rather than spending it, while one in three (32%) have `more important things` to be spending their money on, such as payments towards their mortgage debt or utility bills.

Meanwhile, one in ten (9%) took on debt to buy something knowing they could not afford to pay it back.

Director of Consumer Policy at uSwitch.com, Ann Robinson, said: "Worryingly, many consumers are still splashing their cash or buying on credit even though they cannot afford it - the financial implications of this type of spending are grave. I would urge anyone in this spiral to take time out to talk to a trusted friend or advisor to try to break the cycle. Getting into unmanageable debt is not the answer.

"Consumers should also look at their household bills to make sure that they are not overpaying on big-ticket bills such as their mortgage, credit cards and energy bills. Cutting back here will free up extra funds which could be used to boost savings, pay off debt or for that extra monthly treat you`ve been denying yourself."

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