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WSJ Your Money Briefing

How Autopay Can Cost You Money

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.81.6K Ratings

🗓️ 9 October 2023

⏱️ 8 minutes

🧾️ Download transcript

Summary

Paying bills through automatic payments can be an easy way of managing your balances. Wall Street Journal personal-finance reporter Imani Moise joins host J.R. Whalen to discuss how it can also lead to unexpected expenses and hurt your credit score. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Get a better grip on the markets.

0:02.7

WSJ's Take on the Week is here to give you a look ahead to the most important events

0:07.8

on the economic and business calendar and what they mean for your money and investments.

0:13.1

Subscribe wherever you listen to podcasts.

0:30.0

If your bills get paid, just enter the numbers and forget about it.

0:33.4

Easy, right?

0:35.1

Problem is, people often overlook the risks.

0:38.1

AutoPay is really only a good option for people who have reliable income and steady spending

0:42.8

habits because otherwise you risk funding more than you could pay off in any given month.

0:47.9

We'll talk with our personal finance reporter Amani Moiz about how to make AutoPay work

0:52.2

for you after the break.

1:01.0

We've all felt left out and for people who move to this country, that feeling lasts more than a moment.

1:09.0

We can change that.

1:11.0

Learn how it belongingbeginswithus.org

1:14.0

Brought to you by the Ad Council.

1:23.0

AutoPay is a convenient way to pay bills, but for many consumers it winds up costing them money.

1:30.0

Wall Street Journal personal finance reporter Amani Moiz joins me to discuss.

1:34.0

Amani, I've got a lot of my bills set up for AutoPay.

1:37.0

Is that pretty typical?

1:39.0

Absolutely, especially in 2023.

1:42.0

Pfizer, a payment processing company, they say that almost 80% of Americans have AutoPay set up

1:49.0

for at least one of their bills.

...

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