Over 50% of Americans Don’t Know How Much They’re Spending on Recurring Payments
Chase Bank recently studied the current state of recurring payments and discovered that 78% of survey respondents have at least one recurring subscription, while 50% have at least three. Whereas the 70% said they like recurring payments because they make it easier to manage their money, 55% don’t keep track of how much money is debited from their account for recurring payments each month.
Even worse, 60% of survey respondents said they have forgotten about at least one recurring payment, and 71% said they probably waste over $50 per month in recurring subscriptions they don’t need or use any more.
“By pinpointing funds that are escaping due to forgotten, unused or unwanted subscriptions and payments, cardmembers can reallocate those to services they actually want,” said a Chase spokesperson.
However, once you do spot those recurring payments, they might be a hassle to cancel. The survey found that 56% of people say it takes them about three months to track down and cancel unwanted recurring payments.
Taking time to do so can really pay off, according to the Chase spokesperson. “In the past year, 60% of survey respondents reportedly took extra time to review their finances, including their recurring payments, more carefully,” the spokesperson said. “Fifty-three percent of those who chose to reevaluate their recurring payments realized there were more important things to spend their money on, including catching up on bills.”
Chase recently introduced a new service to help Chase cardmembers track where their credit card information is stored digitally. The Saved account manager, available via the Chase Mobile app, shows customers where their cards’ information has been stored. Customers can get additional details about the businesses and any recurring charges assigned to their cards.
“By detecting potential unwanted charges and getting a better handle on the places where card information may be stored and in use, consumers may be able to reallocate funds that they were previously unaware of,” said the Chase spokesperson.
Additionally, keeping better tabs on your saved credit card account numbers can help you reduce the risk of fraud or, in the unfortunate event you’ve fallen victim to fraud, it can help you spot it faster.
“From a security standpoint, it’s imperative to understand where credit card information is stored,” said the spokesperson. “It allows consumers to better track the way money flows in and out of their account so they can identify irregular charges or a change in payments.”
The spokesperson continued, “Ultimately, taking inventory of where and what you are paying can help identify funds that could be reallocated to where it may matter most — groceries, new subscriptions, paying down debt or even to savings. The bottom line is that with more visibility into their digital financial footprint, cardmembers can better control, monitor and manage their money how they see fit.”
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