Jemma Lucy cant understand where Katies money has gone (Picture: Backgrid – Rex – Getty)

Katie Prices pal Jemma Lucy has blasted the star for being stupid with her money after she narrowly avoided bankruptcy.

Jemma Lucy has claimed that when she briefly lived with the star back in 2011, the 40-year-old would blow thousands every day.

How can you be that stupid? To lose all that money and not to have invested wisely for your future? Its ridiculous, Jemma ranted to the Sun.

I am blown away that Katie is on the verge of bankruptcy – she had a clever, business brain and was always thinking about her next venture.

Jemma added that celebs often get tangled up in trying to maintain their expensive lifestyles.

When I lived with her she told me shed bought her house outright for six million. Now thats all gone?, she said. But you see celebrities like Katie, their lifestyles become so expensive they just cant keep up and start spending money like water.

Mandatory Credit: Photo by REX/Shutterstock (1229224g) Katie Price Katie Price shopping at Sainsbury's, Warlingham, Surrey, Britain - 29 Sep 2010
Katie Price is also said to have traded downwards with her food shopping to compensate too (picture: REX/Shutterstock)

However, a rep told The Mirror she is hoping to pull things back and is moving forward to improve her current situation.

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Katies money problems appear to have got worse and worse over recent weeks, with her allegedly being visited by bailiffs after failing to pay a £3,000 bill.

She was also said to owe the County Court £22,372 for outdated payments from the previous year, and has reportedly been hit by a half a million tax bill.

Katie recently put ex Kierans £77,000 car up for sale in a bid to pull in some cash, along with her prized pink horse box worth £130,000.

Its also been claimed shes had to swap her supermarket shopping from M&S to Aldi in a bid to save some pennies.

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