The road to bankruptcy is
paved with good deals.
Forbes
Apps are a big part of our lives now. We use apps to do everything from ordering coffee to banking and we’ve discussed apps in two recent blogs:
• BANKRUPTCY EXPERTS DISCUSS POSSIBLE DANGER OF USING DIGITAL WALLET APPS
• HAVING TROUBLE BUDGETING? OUR TOP 6 LIST OF APPS TO HELP YOU
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Now there’s an app that may help shopaholics or splurge spenders who rack up large amounts of credit card debt. The app is called Ally Splurge Alert and it acts as a shopping intervention which many may welcome considering that 46% of all Canadian credit card holders are carrying credit card debt.
According to BMO’s 2015 Credit Card Report:
• 33% don’t pay off their credit card bill every month
• 52% use their credit cards to make the majority of their purchases
• 32% don’t actually keep track of their credit card charges until they receive their bill at the end of the month
• 26% per are stuck in a vicious cycle where they pay off their credit card bill with all their available funds, then rack up additional debt paying for other expenses
Do you need a shopping intervention?
Nick Mastromarco, managing director of North American retail payments at BMO, “Credit cards are a popular payment tool for Canadians; however, unchecked spending habits can result in getting stuck in continuous monthly debt cycles that can hamper near and long-term financial goals.”
How does Splurge Alert work to curb your spending?
Splurge Alert asks the user to identify stores and areas where they tend to overspend and then select friends or family members who can intervene. The app uses geolocation technology to determine when the user is approaching an area considered a danger zone and sends out an alert message to the designated friend or family member so that they will stop the user from overspending. It’s certainly not going to fix your financial problems but it looks like a fun tool to help raise awareness about your spending habits. And you may even save a few bucks in the process.
Do you have too much shopping debt?
To deal with serious credit card debt you need professional help. A fun app or a shopping intervention is not going to keep the creditors at bay. Contact Ira Smith Trustee & Receiver Inc. We understand how stressful mountains of debt can be, but ignoring it will only make it worse and increase your stress levels. There is a solution to your debt problems and Starting Over, Starting Now the Ira Smith Team can get you on your way to living a debt free life.
