It has other components as well. In the book, Letting Go of Shame , Ronald and Patricia Potter-Efron break shame down into its essential parts. I'm a bitch. This shame is debilitating, toxic, and highly destructive. It separates you from your real self and from others.
Shame is a spiritual crisis at the very core of one's being.
John Bradshaw, in Healing the Shame That Binds You , calls toxic shame 'spiritual bankruptcy'. One can imagine a situation and feel deep shame. One can be alone and trigger a shaming spiral through internal self-talk. The more one experiences shame, the more one is ashamed. Guilt is more concerned with doing something, with transgressions, while shame is about a perceived failure of being, being unworthy, unwanted or bad.