iBag – the handbag that helps stop you overspending on your credit cards

Imagine you had a wallet or handbag that didn’t allow you to access your credit cards at times of day and places where you are most likely to shop up big.  That’s the idea the people at Credit Card Finder had to help draw attention to the serious problem of credit card debt.

Ok, so it’s not likely to hit shelves any time soon, if at all – but the overall concept is fun and could just be workable.  Given that one in four Credit Card holders don’t pay off their cards in full every month and almost half of those who don’t pay off their cards in full each month go on to make more than three unplanned purchases per month you can see how the problem adds up.

The concept of the iBag is to physically deter shoppers from getting access to their credit cards when they are likely at their most vulnerable.   The handbag has a built-in RFID chip which can track how often you’re taking your wallet out of the bag.

It can also actually lock you out of the bag at times of day where you are vulnerable to spending using a built-in clock.  Throw in a mobile SIM card and GPS chip and you’re likely to get SMS notifications sent to you or your partner when you enter “danger zones” (Shops!),

They reckon it would sell for $199 – I don’t think it will ever happen, but if the idea gets just a few people thinking about how they need to better manage their finances and in particular their credit card then that’s a good thing.

For more info on the problem of credit card debt, and the concept iBag – visit Credit Card Finder