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.
Pay-by-the-month subscriptions are increasingly popular. But research suggests people often keep paying long after they intend to.
It's a familiar mistake, given the explosion of subscription services in recent years. Americans are increasingly signing up to buy everything from bottled water to razor blades on a pay-by-the-month basis — but often forgetting to cancel when the subscriptions are no longer needed or wanted."I get coffee beans delivered from my favorite roaster in North Carolina by subscription," Mahoney says."That is typically convenient.
When that happens, and people have to make an active decision about whether to renew a subscription, they cancel about four times as often as during other months.On average, about 8% of customers cancel during months when they are asked to actively renew their subscription, compared to about 2% who cancel during other months.
"I'm sure I'm paying for things I shouldn't be paying for," says Sally Greenberg, CEO of the National Consumers League."It's a cash cow for companies."Deb Shelby says when her home security system stopped working, it took seven phone calls before the company finally stopped billing her. Still, he argues a periodic reminder — perhaps every six months — could help cut unwanted payments in half.
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