7 Bills You Shouldn’t Set up for Auto Payment (and Why You Shouldn’t)
Setting up a bank account to automatically pay bills is simple, convenient, and seems like the right solution. After all, you don’t want to accidentally forget about payments and face late fines or discontinued services, right?
Not entirely true . Since so many companies use automatic renewals (or “evergreen” renewals), it is more challenging to keep track of what you are actually paying for before it is paid. A recent study found that the average American spends $ 237 a month on an auto-paid subscription, or $ 2,844 a year, and most underestimate what they think they owe. With this in mind, there are some bills that you should keep a close eye on so as not to pay them automatically every month.