Skip navigation

Keeping up with the wives and girlfriends of the rich could leave you living out of a handbag

Keeping up with the celebrity WAGs should come with a financial health warning, says price comparison website, BeatThatQuote.com. With footballers’ wives setting the gold standard for perma-tan designer glamour, and cricket WAGs following suit, today’s young woman could spend 78% of a typical £18,000-a-year wage emulating their lifestyle – and half her weekly wage on credit card interest.

Further research from BeatThatQuote.com showed that online loan applications from women under 30 have over doubled in the past 12 months, underlining the WAG effect – a ‘syndrome’ that describes the excessive spending of young women who aspire to live the rags to WAG lifestyle. Conspicuous consumption of luxury goods such as designer ‘brag’ handbags by the ordinary shopper has demonstrated that Brits are prepared to pay handsomely for branded luxury goods to keep up with their celebrity role models.

This season’s WAG must-haves include an oversized Jimmy Choo Clutch bag, Marni sunnies, Louboutin snakeskin platforms, which, alongside the ‘basics’ of hair extensions and spray tan, would cost £14,000. That’s mere loose change for a WAG but constitutes 78% of the average 20-something’s yearly full-time earnings. With credit cards commanding an annual average APR of 14.9%, a balance like that would accrue £173 of interest a month.

Yet even finance femme fatales who are savvy enough to move their balances around on credit cards need a final solution that will keep their figures trim. While good credit ratings have enabled many to move balances around on 0% transfer deals, the financial sting lies in the transfer fees. Virgin Mastercard for example, is offering 13 months on balance transfers but there’s a 2.98% handling fee to consider. Other companies to look at are MBNA and Sony card, both offering 12 months 0% balance transfer and a 2.5% fee. Alternatively, the Barclays Platinum credit card offers 0% interest on purchases for 10 months and 5.9% pa on balance transfers for the life of the balance with no handling fee.

Sophie Neary, Director of BeatThatQuote.com said, “0% purchase cards can help achieve a WAGesque lifestyle, but life in the 0% purchases fast lane can see you experiencing ever increasing time on the hard shoulder if you don’t steer your spending habits in the right direction. A 0% lifestyle only works in your financial favour if you pay off your purchases before the end of the interest free period. Otherwise you’ll find that your debt will weigh you down far more than the latest ‘IT Girl’ bag. ”

The WAG credit card statement

This season’s WAG must-buys:

Handbag ----- Oversize clutch from Jimmy Choo----£650
Shoes ---- Christian Louboutin, gold snakeskin platforms ----£590
Sunglasses ---- Marni ---- £189
Dress ---- Metallic mini by Alberta Ferretti ---- £821
Silk Maxi by Paul Smith ----£665
Total---------£2915

And as well as the wardrobe, there are also the ‘basics’ per annum
Nail extensions ---- £1050
Spray tan ---- £2000
Hair extensions ---- £1700
Individual eyelash extensions ---- £ 720
Personal trainer ---- £5000
Total -------- £10470

-Ends-

Notes to the editor:

About BeatThatQuote.com

BeatThatQuote.com is price comparison web site that helps people find the very best deals on a range of financial products and services that includes mortgages, credit cards, loans, home and car insurance, annuities and investments.

BeatThatQuote.com is an independent company owned by the people who work there. In 2006 it won the Growing Business Awards ‘Young Company of the Year’ award as well as being the NatWest Startups ‘Business of the Year’ and ‘Online Business of the Year’ winner. BeatThatQuote.com also reached the national finals in the Orange National Business Awards, the Women of the Future and the HSBC Start-Up Stars awards.

http://www.beatthatquote.com

For further information please contact the BTQ press office:

Narda Shirley +44 (0)7770 888318
narda@gongcommunications.com

This press release was distributed by ResponseSource Press Release Wire on behalf of Gong Communications in the following categories: Personal Finance, for more information visit http://pressreleasewire.responsesource.com/about.