The world is moving at a speedy rate, and so are people; thus, the hustles and bustles of the day are inevitable. It is easy to forget common basic things such as paying some bills, and thus, people find the automatic recurring payment tools handy. They remind one to pay their bills on time, from premium shopping memberships, music to streaming services. While this is good riddance, Americans must brace themselves for fast, piling charges. If you are keen, you will notice charges piling up, but most Americans can’t explain what the charges are for.
This is How It Happens
A survey that was done on 2000 Americans found that 58% of them admitted to having at least one or more charges on their debit or credit card statement that they cannot explain. If, for instance, an individual decides to cancel one recurring charge at the start of the year, it will take up to 4 months for them to follow up on that cancellation.
In a survey conducted by OnePoll and compiled by Chase, respondents where general questions about their monthly expenditure. 78% of them, which is 3 out of 4, had at least a single recurring payment setup. More than half of the respondents can’t account for the amount they spend monthly with the automatic charges. Also, 55% are thinking of getting to make straight the automatic payment system.
These results paint the automatic recurring payment systems negatively while, at the same time, the respondents are happy to be using them. Seven individuals out of 10 respondents admit that these tools take the hassle out of their already busy schedules.
What is Your Buying Priorities During This Pandemic?
The past year was easy as most people had a lot of time at hand, staying and working from home. Therefore, most, 60%, had time to reevaluate their recurrent bills. Most decided to adjust their spending habits. Up to 53% admitted to having adjusted their spending to more important things. The pandemic-related cuts and eliminating unused subscriptions have seen most individuals significantly cut down to size their monthly bills.