Wagruptcy or bankruptcy?
These days, young people do not strive to become doctors or bankers; they are more obsessed with the dream of living a footballer’s wife lifestyle. Are young people heading for bankruptcy as they fight to live the dream on minimum wage?
Sarah Dawes uses her coca cola wages of £18000 a year as a sales assistant to live the life of a champagne millionaire. She is drawn to designer shoes, handbags and clothing and admits that her last indulgence was a £1000 pair of designer sunglasses.
She has no desire to save for a property and would prefer to spend her money on designer labels such as Vivienne Westwood. She explains that if she sees something that takes her fancy, she simply has to have it even if it means accruing debt. She believes that you should live for the moment and not worry about debt until it catches up with you.
She shops using credit cards and boasts that her wardrobe is crammed with at least £21,000 worth of designer gear including the full range of knitwear from the Chloe label where each jumper or cardigan retailed at over several hundred pounds.
Although Sarah doesn’t have a single penny in savings, she languishes in the extravagant lifestyle that she submerges herself in and spends over £225 per month in hair treatments and pedicures to complement the look.
When demands for payments start arriving, she usually hides them away and carries on living the high life on a pauper’s wage.
The sad end to this tale is that there is no footballer’s wage to stop her from getting penalties accrued from misuse of her credit cards, and a lifestyle like this can only land you in a serious debt problem. It may not seem like a problem to Sarah now, but in a few years time when she's applying for an IVA or bankruptcy, it certinally will.
IVA and Bankruptcy News posted on 03/09/2007 10:59:10
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