'Hyacinth Bucket syndrome' could increase debt management requirements
'Hyacinth Bucket syndrome' could increase debt management requirements
Monday 17th August 2009
Moneyextra.com has labelled the trend 'Hyacinth Bucket syndrome', revealing that a motivating factor behind people's reluctance to downsize is a desire to keep up appearances in front of the neighbours.
People living beyond their means could find themselves in significant financial trouble in the future.
Consumers wishing to maintain a certain lifestyle might find it useful to speak to a professional debt management specialist to determine how feasible the continuance of their lifestyle is.
In total, 56 per cent of UK homeowners confess to being in financial trouble and yet 37 per cent refuse to alter the way they live in order to combat it.
A further 59 per cent admit to judging people on the size of their home, while 66 per cent are bothered about the opinion of their neighbours - both factors that could have an impact upon people's reluctance to alter their lifestyle habits.
Richard Mason of moneyextra.com said that people's inability to recognise the danger of continuing their pre-recession lifestyles was "absurd" and having a detrimental effect on many.
He said: "It's absurd that struggling homeowners aren't prepared to downsize simply to save face. The British 'stiff upper lip' is costing thousands of people their homes."
For those people who have failed to adjust to the fresh demands of the economic downturn and find themselves in financial difficulty, seeking debt management help could allow them to take back control of their situation.
News article brought to you by Debt1 – UK debt management specialists
Related News
Debt management needs could increase as council tax looks set to rise - 11/08/09
The number of UK citizens seeking debt management advice could rise as a result of anticipated increases in council tax costs
The number of UK citizens seeking debt management advice could rise as a result of anticipated increases in council tax costs
More people turn to IVAs as personal insolvency rises - 11/08/09
The number of people entering into individual voluntary agreements (IVAs) increased year-on-year by 27 per cent
The number of people entering into individual voluntary agreements (IVAs) increased year-on-year by 27 per cent
Debt management advice could rise with increase in 'financial rationality' - 10/08/09
UK citizens are becoming increasingly concerned about their financial futures - a trend that could see a rise in the number of people seeking debt management advice
UK citizens are becoming increasingly concerned about their financial futures - a trend that could see a rise in the number of people seeking debt management advice
Debt management advice set to be in demand as pensions may be reduced - 07/08/09
A significant number of Britons may be forced to look into debt management solutions in order to cope with falling pensions, it has been suggested
A significant number of Britons may be forced to look into debt management solutions in order to cope with falling pensions, it has been suggested
Parents' debt management skills crucial to helping first-time buyers - 06/08/09
Parents will continue to be called upon to give their offspring a financial helping hand onto the property ladder for the foreseeable future, experts have advised
Parents will continue to be called upon to give their offspring a financial helping hand onto the property ladder for the foreseeable future, experts have advised
News Article Search
Quick Apply
News Archive