When it comes to managing your monthly bills, it doesn't get much more convenient than auto-pay. Because this option eliminates missed payments and late fees, it’s easy to see why three-quarters of Americans have opted in, with anywhere between one and seven monthly payments, according to recent survey findings. However, consumers are also discovering that enlisting in auto-pay isn't without its financial downsides. The following survey findings from TheZebra.com (an insurance comparison site) show how auto-pay can make consumers complacent. * Nearly a quarter of people (23%) admit to not paying attention to what’s coming out of their bank accounts. If the result is an overdrawn account or a billing error slipping through, that can prove to be a costly mistake. * One-third (29%) of respondents confess to forgetting to cancel services linked to autopay after they’ve stopped using the services. A couple prime examples of this are a music streaming service subscription ...
When it comes to managing your monthly bills, it doesn't get much more convenient than auto-pay. Because this option eliminates missed payments and late fees, it’s easy to see why three-quarters of Americans have opted in, with anywhere between one and seven monthly payments, according to recent survey findings. However, consumers are also discovering that enlisting in auto-pay isn't without its financial downsides. The following survey findings from TheZebra.com (an insurance comparison site) show how auto-pay can make consumers complacent. * Nearly a quarter of people (23%) admit to not paying attention to what’s coming out of their bank accounts. If the result is an overdrawn account or a billing error slipping through, that can prove to be a costly mistake. * One-third (29%) of respondents confess to forgetting to cancel services linked to autopay after they’ve stopped using the services. A couple prime examples of this are a music streaming service subscription ...
Blog authors
Arga Fairuz
Web Developer & Blogger