A fashion trend which features exposed underwear (bras, panties etc), skin-tight clothing, super short skirts, long decorated artificial nails, and multi-colored hair weaves. Generally intended to expose too much and leave little to the imagination. Usually worn by skanks and hoochie mamas.
Viola was looking her ghetto chic best in low rider jeans and pink bra top.
Spending money on items that are not of a necessity, when there are things that you actually do need; Not making wise economic choices with one's money for the sake of appearing "cool" or wealthy; Vanity.
Ghetto fabulous = My co-worker drives a Benz truck but still lives in an apartment in the hood.
i.e. A wiser decision would be to buy a house and drive a more moderate vehicle.