Photo: Yulia Grigoryeva (Shutterstock)
Setting up your bank account to automatically pay your credit card bills is easy, convenient, and it seems like the right thing to do. After all, you don’t want to accidentally forget payments and face late penalties or have your service cut off, right?
Well, not quite. With so many companies embracing automatic renewals (or “evergreen” renewals), the bigger challenge is keeping track of what you’re actually paying for, before it’s paid. A recent study revealed that the average American spends $237 a month on autopay subscriptions, or $2,844 for the year, and most of them underestimate what they think they owe. With that in mind, there are some bills that you should keep a closer close eye on by not automatically paying them each month.