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Not just that demographic, every demographic. There was a Planet Money podcast episode just the other day called The Subscription Trap. The podcast host and the

by giarc 2y ago

Not just that demographic, every demographic. There was a Planet Money podcast episode just the other day called The Subscription Trap. The podcast host and the founders of this tool, all seemingly young, tech enabled people all had hundreds (if not thousands) in unknown subscriptions. It's a problem top to bottom.

matwood 2y ago
> tech enabled people all had hundreds (if not thousands) in unknown subscriptions I don't really understand how people can't easily see this on their CC bill(s). You don't even need to check monthly, just every so often and make sure you recognize all the charges.
- frmersdog 2y ago
  They don't (have to) care. At least in America, the vast majority of people have never felt the pinch of being "broke"-broke. When you have money coming in, you have enough to waste on dumb stuff. Going off my own list: $100/m phone bills when $15/m ones are available (even less, because employee discount!)? Well, it's more convenient (it wasn't, it was just money getting shoveled into the trash). Eating out at lunch? Making food is a chore (actually, stew pots are your friend, Panda Express is not). $200/m for a storage unit isn't reasonable. Neither is a new car note. Overspending on insurance. Monthly media subscriptions. On and on. You don't realize it until the money simply isn't there anymore, and you're forced to make cuts. And it's at that point that you realize, "Dang, I could have had a lot less stress now if I'd been more vigilant about spending money I didn't need to - if I'd just known better - then." But the entire economy essentially encourages and then preys on your apathy and lack of knowledge.^1 By the time you see what's going on, it's too late. You're a bum and no one cares about what you have to say. 1: Actually, this is not in and of itself a bad thing. "Stupid" purchasing decisions keeps artists and artisans in food and home, is the "slack" that keeps labor inefficient enough to be tolerable. The problem is twofold: 1) that corporations systematically prey on this tendency, and 2) its distribution as an ability is lopsided: most people can be extremely frivolous with money, and some can't be frivolous at all, and there's very little middle ground.
  - matwood 2y ago
    Everything you said is 'known' though. The quote I referenced said 'unknown'. I know I overpay for cell service because it works for me and I don't want to risk is not working where I need it to work. That's different than if I had a second cell plan that I didn't even know about and was still paying for.
    - frmersdog 2y ago
      No, you're exemplary of my point. I switched to an MVNO that used the same network, and I've never experienced degraded service. It's not just the hidden "unknowns" that are a problem, it's the "unknowns" that you think you know and that are staring you in your face.
- kstrauser 2y ago
  I am always shocked at the number of people who don't balance and reconcile their accounts each month. I go through each of our accounts at least monthly and compare each financial org's ideas of our transactions with our own record. I cannot fathom not doing this. And yet, people look at my like I'm nuts when the subject comes up. Sometimes they err in our favor and I still try to have it fixed, expecting that eventually they'll figure it out and try to claw the money back. Goldman Sachs gave us about $200 earlier this year. It went something like this: - Starting balance: $1000 - We paid: $700 - New charges: $300 - End balance: $400 I spent a couple hours on the phone trying to get them to realize their arithmetic was wrong. I finally insisted that guy I was talking to pull up a calculator, punch in the numbers, and see for himself. "Let's see, $1000 minus $700 is $300, plus $300 is $600, so... wait, why did we tell you $400?" "I don't know!" I even escalated to their audit department who said their math all checks out that I only owed them $400 instead of $600. I am certain to my core that someday they're going to ask for that $200 plus interest.

by giarc 2y ago

matwood 2y ago

> tech enabled people all had hundreds (if not thousands) in unknown subscriptions I don't really understand how people can't easily see this on their CC bill(s). You don't even need to check monthly, just every so often and make sure you recognize all the charges.

frmersdog 2y ago
They don't (have to) care. At least in America, the vast majority of people have never felt the pinch of being "broke"-broke. When you have money coming in, you have enough to waste on dumb stuff. Going off my own list: $100/m phone bills when $15/m ones are available (even less, because employee discount!)? Well, it's more convenient (it wasn't, it was just money getting shoveled into the trash). Eating out at lunch? Making food is a chore (actually, stew pots are your friend, Panda Express is not). $200/m for a storage unit isn't reasonable. Neither is a new car note. Overspending on insurance. Monthly media subscriptions. On and on. You don't realize it until the money simply isn't there anymore, and you're forced to make cuts. And it's at that point that you realize, "Dang, I could have had a lot less stress now if I'd been more vigilant about spending money I didn't need to - if I'd just known better - then." But the entire economy essentially encourages and then preys on your apathy and lack of knowledge.^1 By the time you see what's going on, it's too late. You're a bum and no one cares about what you have to say. 1: Actually, this is not in and of itself a bad thing. "Stupid" purchasing decisions keeps artists and artisans in food and home, is the "slack" that keeps labor inefficient enough to be tolerable. The problem is twofold: 1) that corporations systematically prey on this tendency, and 2) its distribution as an ability is lopsided: most people can be extremely frivolous with money, and some can't be frivolous at all, and there's very little middle ground.
- matwood 2y ago
  Everything you said is 'known' though. The quote I referenced said 'unknown'. I know I overpay for cell service because it works for me and I don't want to risk is not working where I need it to work. That's different than if I had a second cell plan that I didn't even know about and was still paying for.
  - frmersdog 2y ago
    No, you're exemplary of my point. I switched to an MVNO that used the same network, and I've never experienced degraded service. It's not just the hidden "unknowns" that are a problem, it's the "unknowns" that you think you know and that are staring you in your face.
kstrauser 2y ago
I am always shocked at the number of people who don't balance and reconcile their accounts each month. I go through each of our accounts at least monthly and compare each financial org's ideas of our transactions with our own record. I cannot fathom not doing this. And yet, people look at my like I'm nuts when the subject comes up. Sometimes they err in our favor and I still try to have it fixed, expecting that eventually they'll figure it out and try to claw the money back. Goldman Sachs gave us about $200 earlier this year. It went something like this: - Starting balance: $1000 - We paid: $700 - New charges: $300 - End balance: $400 I spent a couple hours on the phone trying to get them to realize their arithmetic was wrong. I finally insisted that guy I was talking to pull up a calculator, punch in the numbers, and see for himself. "Let's see, $1000 minus $700 is $300, plus $300 is $600, so... wait, why did we tell you $400?" "I don't know!" I even escalated to their audit department who said their math all checks out that I only owed them $400 instead of $600. I am certain to my core that someday they're going to ask for that $200 plus interest.