iBag: A solution to your credit card debt problems
The iBag2: A wearable to curb spending like never before
Physical cues like lights, vibration and self-locking help remind shoppers of their spending goals when they’re most vulnerable. Powered by an Arduino Uno microprocessor and a 10,000 mAh power bank, the handbag features six distinct components:
- A timer connected to electromagnets that lock the bag according to your most vulnerable spending moments during the course of a day;
- An RFID system connected to LED lights and vibration motors, which light up blue and vibrate each time your wallet is taken out as a discreet reminder of spending goals;
- GPS tracking that warns you via amber lights and vibration when you are nearing one of your pre-programmed vulnerable spending zones;
- The locking function turns on if you proceed to enter your danger zone;
- A reminder every two hours via yellow lights and vibration that it’s time to reapply sunscreen; and
- A bluetooth tracker Tile that will alert your phone through an app if the bag is a certain distance away from you.
iBag2 development in action
Australia’s credit card bill is getting bigger, with a new record of $52.22 billion as at June 2016, according to the latest Reserve Bank data analysed by Finder.
This comes as no surprise, as research commissioned by Finder, surveying 1,078 Australians in April-May 2016, found that Australia’s credit card habits have worsened.
It revealed eight in 10 (79%) credit cardholders make unplanned purchases each month, averaging 4.11 purchases per month. Alarmingly, almost one in four (23%) don’t pay off their balance in full each month. There are over 16.5 million credit cards in circulation in Australia, according to Reserve Bank data, which means there are an estimated 3.8 million cards paying unnecessary interest.
State by state
Cardholders in New South Wales (NSW) are the biggest impulsive spenders, making on average 3.6 unplanned purchases on their credit card each month. It was followed by those in Queensland (QLD) with 3.4 unplanned purchases on average per month, then Victorians (VIC) with 3.3. South Australia (SA) and Western Australia (WA) had the most responsible credit card spenders, making 2.8 unplanned purchases on average per month.
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