Procrastination refers to the counterproductive deferment of actions or tasks to a later time. Psychologists often cite such behavior as a mechanism for coping with the anxiety associated with starting or completing any task or decision. Schraw, Wadkins, and Olafson have proposed three criteria for a behavior to be classified as procrastination: it must be counterproductive, needless, and delaying.
Procrastination may result in stress, a sense of guilt and crisis, severe loss of personal productivity, as well as social disapproval for not meeting responsibilities or commitments. These feelings combined may promote further procrastination. While it is regarded as normal for people to procrastinate to some degree, it becomes a problem when it impedes normal functioning. Chronic procrastination may be a sign of an underlying psychological disorder.
(taken from wikipedia)