NASHVILLE, Tenn. (WTVF) — As more people are struggling to pay their bills they're looking for ways to cut back on spending. Often the first to go are subscription services, but canceling those can be a pain.
The FTC wants to make this process as simple as possible so that people can just click a button online, canceling their service within seconds.
It's a big change from some places like gyms that require you to cancel in person or over the phone. It would also apply to things like streaming services, magazine subscriptions and cable TV service.
It comes as subscription businesses are growing because of the boost during the pandemic. The FTC is proposing companies should allow people to cancel in the same number of steps they took to sign up.
The agency said companies shouldn't be able to manipulate consumers into paying for something they don't want. If the rule goes into effect and it's violated, companies would pay $50,000 per violation.
It has to pass some hurdles first, but the FTC is confident about it moving forward.
