Reasons to Be Wary of Subscriptions

While signing up for subscriptions may seem completely normal and safe, you actually need to be cautious. Unfortunately, many people lock into subscriptions or contracts only to realize when they try to cancel that they have to pay an outrageous amount of money.

As an example, to enjoy a new phone, a great plan, and all the perks, many phone providers require customers to agree to a two-year subscription. However, if someone becomes ill, loses a job, or faces some other issue and needs to cancel, the contract stands, meaning he or she must still pay $200 or more to get out of it.

Regardless of the financial subscription or contract involved, you need to be extremely wary. After all, you never know when a financial situation will change to the point of you no longer being able to make the monthly payments. If that happens, you will continue to be charged for the services each month until the contract expires or the contract is paid in full. Remember, exorbitant fees are commonly chargeSubscriptions (2)d not just by cellphone companies but also cable companies, internet companies, and others.

Once you sign on the dotted line, you become legally responsible for the debt. Because of this, make sure that you never agree to any subscription or contract unless you are 100% sure it can be paid.

According to a top Homer bankruptcy attorney, people come in for legal advice or counsel all the time because of service providers not allowing them out of a subscription or contract. For some people, the only viable recourse is to file bankruptcy. Although a Cortland attorney can certainly provide assistance with bankruptcy, if needed, the better solution is to never lock into any subscription or contract in the first place.

When annual renewals roll around, this is the ideal time to look at your options. Before agreeing to a new subscription or contract, be sure to read all the fine print. That way, you can determine if a cancellation fee must be paid prior to canceling the contract. By conducting research, you have the ability to look for alternatives for the types of services that you want or need without being required to pay any kind of hidden fee.

Whether you decide to go with a new subscription or choose another option that does not require a contract, determine if your plan includes features that you never use or need. By downgrading your plan, you will enjoy a lower monthly payment and have a little extra money that could be used for something else, such as paying off debt, making an investment, or increasing the amount in your savings account.

The bottom line is you need to be wary of subscriptions and contracts. However, if you are in a bad financial situation, you can always talk to a reputable bankruptcy attorney in Homer or Cortland to get your questions answered or for legal guidance.

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