Home / Knowledge / News / Apparel/Garments / Frugal is the new black - The Debt Diva

Frugal is the new black - The Debt Diva

13
Jun '08
As the fashion industry recycles silhouettes and colors from past generations, Clarky Davis, The Debt Diva, says revisiting another style trend can help consumers ease the pinch of the troubled U.S. economy.

But this style isn't about shoulder pads, wide lapels or hem length, it's about taking a page from your grandparents' or great-grandparents' notebook and saving more than you spend. That's right. Frugal is the new black.

“For the last 25 years, Americans have been on a spending spree,” Davis says. “Historic trends show consumption has grown faster than income. The average American household has more than $9,000 in credit card debt. We assume debt is part of our lifestyle. It's time to make a big change in how we live.”

Davis points out that our grandparents' generation lived through or was raised in the years of the Great Depression, which heightened their tendency towards frugality. The last two generations of Americans who've been on a non-stop spending spree saw that frugality as old-fashioned, uptight or uncool. But the state of the economy has many former spenders trying to change their habits.

How else would you explain the fact that consumers reversed a 16-year slump in coupon use? According to Coupon Info Now (www.couponinfonow.com), shoppers redeemed 2.6 billion coupons last year. Compare that to the 7.2 billion coupons used during the 1992 recession.

“Don't let the word frugal create a mental picture of your grandmother who re-used tissues that she saved in the sleeves of her sweater,” Davis says. “Instead it's time to make frugal fabulous. Living stylishly within your means doesn't mean banning fun. Instead, make it a challenge to find the resourceful way to spend your hard-earned dollars. Doing it with spirit and adventure makes you look wise, and your bank account and paid-down credit card debt will cushion you from bad economic times.”


Must ReadView All

Fibre2Fashion: 21 years of serving textile-apparel-fashion industry

Textiles | On 17th Apr 2021

Fibre2Fashion: 21 years of serving textile-apparel-fashion industry

Fibre2Fashion, the online platform for the global...

Pic: Shutterstock

Textiles | On 17th Apr 2021

China's economy grows 18.3% in Q1 2021

Powered by a strong domestic and foreign demand, China's economy grew ...

Pic: Shutterstock

Retail | On 17th Apr 2021

US retail sales saw strong rebound in March: NRF

As government cheques fattened consumers’ bank accounts and more...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Money never disappears-it just finds new opportunities

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Textile Industry, Head honchos

Textile Industry
Head honchos

Social media critical in regeneration of businesses

Meghavi Suthar,

Meghavi Suthar

Founded by NIFT graduate <b>Meghavi Suthar </b>in 2017, Kala is an...

Seema Mishra,

Seema Mishra

Set up in January 2020 by <b>Seema Mishra</b>, the Kasrawad Art Cluster...

Prakhar Singh,

Prakhar Singh

Morgan Tecnica offers the largest and most modern range of solutions for...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Sameer Sonkusale & Rachel Owyeung, Tufts University

Sameer Sonkusale & Rachel Owyeung
Tufts University

A team at the Tufts University in Massachusetts was recently in news for...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search