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Debt advice needs could rise with 'Hyacinth Bucket syndrome'

Debt advice needs could rise with 'Hyacinth Bucket syndrome'

- Friday, 14 August 2009

An increasing number of Britons could find themselves seeking debt advice as a result of failing to downsize.

Research from moneyextra.com has suggested that a number of UK citizens are suffering from 'Hyacinth Bucket syndrome' and trying to maintain a lifestyle that is no longer within their means.

Figures indicate that 56 per cent of British homeowners are struggling financially and that 37 per cent will not adjust their lifestyle in order to alleviate the problem.

Much like Hyacinth Bucket, 66 per cent of people care what the neighbours think, while 59 per cent judge people on the size of their home.

Richard Mason of moneyextra.com 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."

Londoners are Britain's least likely to downsize, with 55 per cent of the capital's inhabitants viewing downsizing as a signal of failure.
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