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How does this even happen? I'm just curious here. Don't you check your bills? I find it hard to imagine I would miss a recurring payment on my credit card recei

How does this even happen? I'm just curious here. Don't you check your bills? I find it hard to imagine I would miss a recurring payment on my credit card receipt.

Kye 6y ago
There are people out there who make enough money that they don't bother with an item-by-item check of each charge. I can't blame them. Being that careful is a huge cognitive load that scales with the number of charges even if it comes back to bite them when times aren't so good.
- distances 6y ago
  Now that I think of it, in the US people probably pay everything with a credit card? That would definitely be a longer list of expenses to check. In Europe the default is to use debit for physical card transactions, and credit much more rarely mostly for subscriptions and online purchases.
  - _jal 6y ago
    Debit cards are pretty popular in the US. Cash is used more than in Europe, partly because about 20% of the country doesn't have a bank account, partly because a significant number of who do still prefer using cash. Personally, I use cash for day-to-day transactions, credit if I want the third-party record or it is a larger transaction. I never use debit because the protections are stacked against the user, and CC cash back schemes refund a portion of the credit card cartel tax. So not using it except at the bank ATM means I don't have to worry about the number being abused, unless my bank's ATMs are compromised.
- 0ld 6y ago
  my current bank app (in europe) just sends me a push message on any transactions made in my name. and the previous bank had a sms service for the same not much cognitive load or anything (i disabled sound for these and just check em once a day) and very hard to miss any transactions you didn’t really authorize
cocochanel 6y ago
My expenses are 30% of my income and I use a credit card for everything. Bank automatic deduction at the end of the month. I have a ballpark expenses figure I pay monthly. If I don't see a >10% increase in spending, I don't bother to check each item.

How does this even happen? I'm just curious here. Don't you check your bills? I find it hard to imagine I would miss a recurring payment on my credit card receipt.

Kye 6y ago

There are people out there who make enough money that they don't bother with an item-by-item check of each charge. I can't blame them. Being that careful is a huge cognitive load that scales with the number of charges even if it comes back to bite them when times aren't so good.

distances 6y ago
Now that I think of it, in the US people probably pay everything with a credit card? That would definitely be a longer list of expenses to check. In Europe the default is to use debit for physical card transactions, and credit much more rarely mostly for subscriptions and online purchases.
- _jal 6y ago
  Debit cards are pretty popular in the US. Cash is used more than in Europe, partly because about 20% of the country doesn't have a bank account, partly because a significant number of who do still prefer using cash. Personally, I use cash for day-to-day transactions, credit if I want the third-party record or it is a larger transaction. I never use debit because the protections are stacked against the user, and CC cash back schemes refund a portion of the credit card cartel tax. So not using it except at the bank ATM means I don't have to worry about the number being abused, unless my bank's ATMs are compromised.
0ld 6y ago
my current bank app (in europe) just sends me a push message on any transactions made in my name. and the previous bank had a sms service for the same not much cognitive load or anything (i disabled sound for these and just check em once a day) and very hard to miss any transactions you didn’t really authorize

cocochanel 6y ago

My expenses are 30% of my income and I use a credit card for everything. Bank automatic deduction at the end of the month. I have a ballpark expenses figure I pay monthly. If I don't see a >10% increase in spending, I don't bother to check each item.