I didn't find it's use offensive here- in fact I thought it entirely accurate and appropriate. However the term was commonly used in the South when I was growing up- as a derisive term for anyone who spent money frivolously.

But now that the "niggaz" call themselves "niggers" and call women "ho's" and "bitches" it makes you wonder- if you can't respect yourselves and others with your language how can you expect others too?