Lily Allen is "Completely Broke"

March 6, 2009 By:
Lily Allen is

Despite being able to go on massive shopping sprees at luxury stores like Chanel, Lily Allen claims she's fallen victim to the global economic downturn and is "completely broke."

Now keep in mind that celebrity broke is completely different than regular people broke. When celebrities go broke, they downgrade from $100K cars to $75K cars. When normal people go broke, they have no place to live.

As a result of going "completely broke" Allen says she's been left with no choice but to sell her beloved $50,000 BMW to help pay off some of her debts.

She says, "I've been hit big time by the credit crunch. Actually, I've just had to sell my car because I'm so broke. I bought a car last year and that was probably my biggest extravagance. Clothes, too. I'm always buying clothes. I'm completely skint."

She adds, "I'm waiting until I get the royalties from the (new) album and all the radio plays, but that takes about a year. I can't even spend on credit cards. The banks will usually front your money in that kind of situation, but they are not lending at the moment, so it's a tricky time."

Maybe she can take a page out of 'Confessions of a Shopaholic' and sell off some of luxury goods. She probably has 100 Chanel bags and 500 pairs of designer shoes. Time to clean house!