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Will Using Your Smatphone or Google Wallet to Pay Leave More in Debt?

Soon we will have the ability to make quick purchase transactions using our mobile phones. Is that a good thing?

On one hand it will make the process of checking out faster and easier. Solving that checkout process was the impetus of the devices, like credit coins and credit plates, that eventually lead to the plastic card we carry around in our wallets now.

In 2005 there was a push to allow us to wave our plastic cards at terminals for easy check out but it doesn’t seem that payment technology every really rolled out or worked as it should have. (To read more about the early days, click here.)

There were times when I could wave my card at the gas pump and dispense fuel but then there was this one time when I waived the card at the pump, I filled the car, and drove off. A very nice police officer came to my house later saying the transaction never was authorized. Oops.

As time rolled on it seemed like store policies got in the way of fast payment solutions by waving your card. It got to the point where I just gave up waving the card because clerks would ask me for additional ID and that robbed me of any time savings from the contact less payment.

Reducing the time to checkout has long been recognized as a way to increase purchase amounts for merchants. The less time it takes to pay the more people buy.

With smartphone technology here soon, will it lead to you spending more? Will it lead to more debt problems? Or will it simply be a welcome solution to ease the pain at the checkout?

What do you think? Comment below.

Will Using Your Smatphone or Google Wallet to Pay Leave More in Debt?
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Scott Johnson

    As technology and conveniences change the best strategy for consumers is preparation and education. If consumers are seeking assistance to debt issues they must ensure the provider be vigilant in understanding their behavior, which will help in the right diagnoses for proper corrective action to possible mismanagement of personal finances. In 2008 at the FTC workshop http://www.ftc.gov/os/comments
    USDR referenced this white paper to the challenges presented to debt relief
    providers due to the lack of financial competence of debt ridden consumers.

    Application Of The Transtheoretical Model of Change To Financial Behavior

    The Transtheoretical Model of Change has been commonly used in many health related areas.
    This paper describes a consumer education program that applies the Transtheoretical Model of change to financial behavior. Based on the data collected from the program participants, it was found that several change processes were used more frequently by the participants who reached their financial goals versus
    those who did not. http://www.uri.edu/hss/hdf/xia

  • Scott Johnson

    As technology and conveniences change the best strategy for consumers is preparation and education. If consumers are seeking assistance to debt issues they must ensure the provider be vigilant in understanding their behavior, which will help in the right diagnoses for proper corrective action to possible mismanagement of personal finances. In 2008 at the FTC workshop http://www.ftc.gov/os/comments/debtsettlementworkshop/index.shtm
    USDR referenced this white paper to the challenges presented to debt relief
    providers due to the lack of financial competence of debt ridden consumers.

    Application Of The Transtheoretical Model of Change To Financial Behavior

    The Transtheoretical Model of Change has been commonly used in many health related areas.
    This paper describes a consumer education program that applies the Transtheoretical Model of change to financial behavior. Based on the data collected from the program participants, it was found that several change processes were used more frequently by the participants who reached their financial goals versus
    those who did not. http://www.uri.edu/hss/hdf/xiao/ACCI01M2K_proceedings.pdf.

  • Alex Viecco

    Well, let’s see?  Can people possibly manage their spending when it is so easy to access the funds?
    NO WAY!!!!
    That is why the banks are coming up with all these ways for consumers to get in financial trouble.  Let’s see from what I remember i was part of the test group about ATM cards replacing checks, our test group believed that it would never work.  Boy were we wrong, people use plastic for everything and now accessing things with the phones only spells MAJOR TROUBLE for consumers.
    This will lead the banks to collecting MILLIONS if not Billions in overdraft fees and the like, let’s not fool ourselves into thinking that any of these tools re designed for anything other than to generate revenues for the banks.
    2 Suggestions
    1. Don’[t sign up for it
    2. If you have an ATM card with the RFID chip on the card, disable it quick!  You will be glad you did.
    Alex

  • http://www.NewEraDebtSolutions.com Alex Viecco

    Well, let’s see?  Can people possibly manage their spending when it is so easy to access the funds?
    NO WAY!!!!
    That is why the banks are coming up with all these ways for consumers to get in financial trouble.  Let’s see from what I remember i was part of the test group about ATM cards replacing checks, our test group believed that it would never work.  Boy were we wrong, people use plastic for everything and now accessing things with the phones only spells MAJOR TROUBLE for consumers.
    This will lead the banks to collecting MILLIONS if not Billions in overdraft fees and the like, let’s not fool ourselves into thinking that any of these tools re designed for anything other than to generate revenues for the banks.
    2 Suggestions
    1. Don’[t sign up for it
    2. If you have an ATM card with the RFID chip on the card, disable it quick!  You will be glad you did.
    Alex

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