GymPact Adds Financial Incentive to Breaking Your Resolutions Beth Snyder January 9, 2012 Now that the first week of the new year is at an end, it’s time for all of us to re-evaluate our New Year’s resolutions. Odds are good that a fair majority of you resolved to lose weight and/or go to the gym more regularly, right? But really, what are the consequences for not doing it? You feel bad. That’s about it. I mean, there are no resolution police making sure you honour your word. Now there is an iPhone app that will actually charge you money if you don’t keep it up. GymPact is only available for iPhone, but it’s a free download from the App Store. It’s basically a social networking tool that allows you to put your money where your mouth is. To start, just download the app and join. Then you set your pact (read: your exercise goal). From there, you just have to check in at the gym and complete your goals, and you get cash rewards. On the other hand, if you set a pact and then don’t make it, you suffer a cash penalty. Basically, it seems like a combination of Twitter and Foursquare, with enhancements. I should explain the cash thing, right? When you join, you put a credit card number on file. If you miss your goal, your card is charged. If you accomplish your goal, they are added to your account. Every Sunday night the stakes are added up and evaluated, and then the rewards are divided among those who accomplished what they said they would. Cash out is similar to PayPal. Obviously there is much more to this, and if you’re interested in it you should read all the terms carefully. But it seems like it’d be a neat thing if you’re serious about taking off some weight and/or finding your muscle tone again. Source: Technabob Share This With The World!