Confessions of a shopaholic...
Learning that cost and worth are very different things...
The image of a little girl looking longingly at a pair of beautiful, sparkly
shoes is one that I can definitely relate to. Although I'm no longer that little
girl, the sight of a pair of heels invokes in me a kind of envy and desire that
is seldom contended with. Yet, as Rebecca Bloomwood shows in Confessions of
a Shopaholic, continually giving in to these desires might make you feel
confident, alive and happy, but these feelings will only last for a few brief
moments and once they have faded away all you're left with are sore feet and a
shocking credit card bill - which in Rebecca's case leads to her facing debts
totalling over $9,000.
Rebecca's job, writing a column for Successful Savings magazine (something she
clearly hasn't mastered) is one that is particularly pertinent in the current
financial climate. So many people in the UK today have very little idea of what
financial jargon actually means- what is an APR, what do the FSA do and why have
RBS received a tidy sum from me, the taxpayer? All these acronyms and jargon can
seem like a blur of information that makes no sense and can leave you mistaking
a fiscal crisis - which, FYI, is to do with taxation and spending- for a fish
crisis, never ideal.
I'm lucky that every week I get to write a weekly column for
Moneybasics which looks at the top
money stories from the week and breaks them down, without the jargon, into
easily understandable snippets, to help you understand what's going on in the
economy. I can't promise to explain investments in relation to a cashmere coat,
and I don't have a catchy pen name (although I am now thinking of becoming ‘The
Girl with a Red Handbag'), but Moneybasics can help you to understand the
sometimes complicated world of finance.
Confessions of a Shopaholic has received a mixed press - some
unimpressed that in the current climate Jerry Bruckheimer has trivialised and
glamorised debt. However, I broadly disagree with these commentators and think
that Confessions portrays Rebecca's journey into debt as one which
could ring true for many - a denial of how much you really owe, an inability to
budget, with a stack of unopened Visa bills hiding under your bed. Rebecca's
debt has been accrued through her inability to stop shopping and deal with her
debts- however in the end she realises that clothes, shoes and accessories can
cost a lot, but actually be worth very little.
The film does take some liberties though - its portrayal of debt collectors
is inaccurate, they cannot come to your workplace, so don't fear having to make
up any convoluted stories to explain them away.
Similarly in the UK today, many people are finding themselves in debt through
no fault of their own, merely due to the circumstances of the downswing in the
economy. For these people I understand how Confessions could be seen as
inaccurate and misrepresentative of how people find themselves facing
unmanageable debts.
However, if you do find yourself hacking your credit card bill out of a block of
ice with a stiletto, or you have no money to meet those essentials like rent or
mortgage payments, then the time has come to take action and get back in control
with managing your money and curbing your spending. Credit Action has budget
planners and a tool that lets you budget on your phone called the
Spendometer that are completely free and which can help you keep on top of
your spending.
Likewise the Consumer Credit Counselling
Service can offer you free and independent advice on how to best deal with
your debts, their counsellors are patient and thorough, and will be honest with
you about the options available to you. As Rebecca Bloomwood is told by her dad,
the American economy is highly indebted and it survives - and you can too.
Jo Parsley (Advocacy Officer)
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This article first appeared on the Credit Action
website and is used with permission. for more information please
visit
www.creditaction.org.uk
Credit Action
Howard House
The Point
Weaver Road
Lincoln
LN6 3QN
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