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
Main features
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:
Allan Givens
Public Relations Manager
203-818-2928
allan.givens@finder.com
Nicole Gallina
Communications Coordinator
347-677-4931
nicole.gallina@finder.com
Read more on this topic
-
How would you spend your savings? In the age of #adulting, Finder asks Americans what their financial priorities are and what they're most willing to dip into their savings for.
-
21 Google searches that changed with coronavirus From buying tigers to cancelling car insurance, Finder shares a deep dive into 21 Google search terms that changed with coronavirus at the wheel.
-
Tipping in America Cows and the Titanic aren't the only ones who tip. Finder analyzes which Americans are the best tippers, where they live and how old they are.
-
Build your financial safety net: Expert advice A small panel of 5 experts provides their advice on building a financial safety net, when to start and what to consider.
-
Tips for starting a business after retirement If "I'd rather be golfing" isn't your preferred motto, see what these 5 experts have to say about starting a business after retirement, what the risks and rewards are, and their #1 finances tips to consider.
-
Accidental death statistics Find out the top causes of accidental deaths and which states are the deadliest.
-
Senior driving stats Compare the good and the risky sides of driving when you’re a senior.
-
The states most at risk to identity theft and credit card fraud ranked If you're not a fan of fraud, learn what states to avoid living in, including the top 10 metropolitan areas with the highest and lowest levels of identity theft.
-
Most profitable industries for opening a business Opening a business can be a daunting endeavor. Finder is here to help you assess the most profitable businesses by industry and net margin, starting with the top 10 most profitable industries.
-
America back in business: States opening up post US shutdown Finder analyzes which states have started opening after the US shutdown and how long stay-a-home restrictions were in place.
Ask an Expert