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Bankruptcy likely a better option than $5,000 gizmo

Many consumers in Ohio and elsewhere struggle to avoid spending. Credit cards make it easy for people to spend too much, and before many know it, they are overwhelmed by debt. An international robotics company and a fashion designer recently introduced a gizmo that is intended to help people conquer impulsive buying. The self-locking purse comes with a $5,000 price tag, making bankruptcy a more realistic and satisfying option in most circumstances.

The designers of the bag determined that most consumers have certain times of the day and specific stores at which their resistance is at its lowest. The gadget -- called the iBag2 -- will be fitted with a microprocessor that will connect to a GPS. It will know whether the shopper is moving toward any of the pre-programmed danger zones; with a built-in timer, it will know when the consumer is vulnerable. These signs of potential spending sprees will cause the straps of the bag to vibrate, and amber lights will start flashing.

If the person comes within 30 feet of the store programmed as a shop to avoid, the flashing lights will turn red, and the bag will lock automatically. Similarly, the bag will lock at pre-programmed times of the day. As a matter of interest, it will also remind the owner to apply sunscreen, and an alert will be sent to the owner's Smartphone if it is stolen or lost. Classify it in the what will they think of next category.

Many Ohio consumers will likely regard such a gizmo as a ludicrous waste of money that is already in short supply. This is just one more time-consuming way of trying to pay debts while facing harassment by creditors and other debt collection actions. Those who are already facing mountains of credit card debt -- regardless of whether it is due to unanticipated illness and medical expenses, job loss or other reasons -- typically benefit more from consulting with an experienced bankruptcy attorney who can explain the options available to achieve lasting debt relief once and for all.

Source: metro.us, "Self-locking bag puts an end to impulse buying", Dmitry Belyaev, Sept. 9, 2016

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