Subscription costs up nearly 50% since 2020
(InvestigateTV) — A new report from LendingTree finds subscribing to 15 popular services now adds up to about $237 a month. That’s up nearly 50 percent since 2020.
Matt Schulz with LendingTree said even when factoring in inflation, the cost is still 20 percent higher. And from streaming movies and music to cloud services, the price of subscriptions continues to rise.
“It is important to understand what you’re paying, but also to consider what you’re actually using because we don’t all use all of the services that we subscribe to all the time,” Schulz said. “And one of the good things is that generally speaking, most of these services are pretty easy to cancel.”
Schulz said the most surprising finding in the report was how closely people are monitoring these costs. Fifty percent of those surveyed said they look at these costs once a month.
He said he downloaded spreadsheets from his credit card and checking accounts and sorted them by recurring costs.
“You can look and see exactly how much you’re paying for various services and consider whether you even need those anymore,” Schulz said.
Schulz said taking this simple step could lead to some eye-opening costs and help make decisions on whether to cancel anything.
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