Shopaholics may be able to break their spending-spree habits with a new handbag designed to shut you out and let you know when it thinks your credit card spending is out of control.

The iBag, invented by Australian website Creditcardfinder, uses radio frequency identification technology to watch your credit card spending. The bag can be programmed to shut, flash and send text messages at times and in locations where you may be tempted to overspend.

Owners of the iBag can even nominate a “responsible other” who receives a text every time you take out your purse.

“The core function of the iBag centres on teaching people to be aware of their spending urges and help them monitor when they are using their credit cards,” Jeremy Cabral, Creditcardfinder’s head of publishing, says.

“We wanted the iBag to snap shut whenever you entered a danger-spending zone – an area where you splurge the most – but that posed a safety risk. Instead, we designed flashing lights to act as a deterrent to spending.”

Cabral says the iBag was created for women initially. Consumers who would like to own own one are being asked to register their interest. While the bag’s prototype has been released, it will be produced en masse only if there is enough demand.

If put into full-scale production, the bag will retail for A$199 (R1 950), which could make a dent in your credit card. – Daily Mail