How many recurring payments do you have?
It’s a simple question, but it’s one that most people can’t easily answer. When asked, most respondents thought they had four or five. In fact, the average American has over 10 recurring payments totaling $850 per month.
Periodic charges from streaming subscriptions, gym memberships, and shaving supplies add up fast, and consumers often miss savings or investing opportunities because of their high spend, hurting their long-term financial viability.
Consumers need a way to track recurring spend. Banks and credit unions should help.