From streaming TV to razor blades by mail, Americans are buying more goods and services through pay-by-the-month plans. New research shows they often keep paying long after they want to.
"The a-ha moment for us," Mahoney says,"was we realized that when your credit card expires or you lose your credit card and get a new one in the mail, you're going to get an email from all the companies where you have a subscription that says, 'Can you log in again and update your payment information?'"
The difference is especially pronounced for services that are easily overlooked, such as credit monitoring. "They insist on making money on people who don't have the stamina to fight back," says Shelby, who lives in Jericho, Vt."I actually have the stamina to fight back. It took me six months to get it done. I think a lot of people just give up."The FTC is considering a new rule that would make it as easy to cancel monthly subscriptions as it is to sign up.The FTC is considering a new rule that would make it as easy to cancel monthly subscriptions as it is to sign up.
"There are some people who tend to be more financially organized and they may set reminders," Mahoney says."And there are some people who are busy and have other things going on in their life and they're more prone to making mistakes."
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