iBag: A solution to your credit card debt problems
Introducing, the iBag.
The iBag is a concept for a new product that will alert you when you enter shopping ‘danger zones’, stopping you from impulse spending by using an inbuilt warning system. The iBag is fitted with LED lighting which flashes when triggered by a GPS chip. If you decide to ignore the warning and pull your wallet out of your bag, an SMS will be sent automatically to someone you nominate as your ‘responsible other’ to let them know that you’ve dropped your guard and you’re prone to overspending.
To top it off, the bag is fitted with a real time clock which is set to warn you during set times of the day when you are most likely to be vulnerable to overspending.
iBag Features & Benefits
The iBag was designed to physically deter shoppers from accessing their credit cards when they’re at their most vulnerable.The main features of the iBag are:
- Track your spending: The in-built RFID module is designed to record each time you remove your wallet from the iBag.
- Lock out feature: The real-time clock is programmed to shut the bag at your most vulnerable times of the day
- SMS notification: The bag comes with a SIM card that will send an SMS to your responsible other any time you enter a shopping danger zone.
- LED Warning Lights: The GPS chip inside the bag flashes when you enter a ‘danger spending zone’.
Why was the iBag created?
The iBag was designed by the team at finder.com to help combat credit card debt and to start saving. One in four credit card holders don’t pay off their credit card balance in full each month meaning that there are over four million credit card accounts that are accruing interest charges and costing consumers a lot of money.
On top of this, almost half (45 percent) of people who don’t pay their cards off in full are making more than three purchases on impulse each month.
The one possible solution to this problem which we hope will help get consumers back in control of their money.
For media inquiries:
More guides on Finder
How to beat financial stress by controlling your finances
Take control of your money stress by learning to prioritise and plan your financial goals.
Best credit cards for rewards in 2021
Take advantage of miles, points and perks with a card that best fits your lifestyle.
How do international money orders work?
Using international money orders to send money overseas? Learn about better options.
What should you do after your credit card application is denied?
Have you been ‘friend-zoned’ by every credit card you long for? Read what the experts have to say about pivoting towards success after your credit card application has been rejected.
States with the strictest driving laws
If you’re relaxed behind the wheel, you’ll want to steer clear of these states with the strictest driving laws.
Debt solutions network debt relief review
Debt Solutions Network claims to save you up to 70% — but limited information is available online.
How to limit credit card usage during a pandemic
Finder asks 7 experts what their advice is on avoiding credit debt and limiting credit card usage during a pandemic.
Coronavirus: How to manage your credit card
Learn about coronavirus financial support options, complimentary insurance and other credit card details you may be wondering about.
Safeguarding your credit score from coronavirus
Answers to questions about how Coronavirus-related events could affect your credit score and how to protect it.
Best credit card perks
Credit cards often come with many perks you might not even know about.
Ask an Expert