00:00I still have a subscription to Cat TV?
00:03That one time you played a show for Scrappy, you subscribed and now have recurring charges.
00:10You're not alone.
00:11A study from CNR Research found that 74% of its participants struggled to remember all their recurring subscription charges.
00:19It's costing you money, but bringing in a ton for the companies who charge.
00:24Economist Neil Mahoney and two colleagues at Stanford and Texas A&M University scrolled through millions of anonymous credit card
00:31records.
00:31They found that about 8% of customers cancel during months when they're asked to actively renew their subscription.
00:38You know, like if you lose your credit card and get a replacement and are asked to update your information,
00:44compare that to about 2% who cancel during other months.
00:48CEO of the National Consumers League, Sally Greenberg, tells NPR,
00:52quote, it's a cash cow for companies, unquote.
Comments