Computer Program Helps Users Save Big By Canceling Forgotten Paid Subscriptions

LOS ANGELES (CBSLA.com) — A new computer app says its users can save big by canceling subscriptions they've forgotten about or no longer need.

As Eric Siu explains, before utilizing Truebill, he was wasting money when it came to his digital marketing business and his personal spending.

Siu used Truebill to wipe out eight monthly charges that added up to nearly $400 dollars a month.

In other words, more than $4,600 a year.

"To not even know that I was giving that away in the last couple of years, it's really frustrating," he said.

Yahya Mokhtarzada founded Truebill in November and says it's completely free for users.

Here's how it works: Truebill connects to the user's bank or credit card statements but doesn't have full access to those accounts. Rather, it scans them using an algorithm and then shows the user everything they're paying for on a recurring basis.

The user will then simply click on what they want to ditch.

Mokhtarzada says the service even goes so far as to sit on the phone with those services to get subscriptions canceled, if need be.

"We don't want our users to go through that experience so we actually absorb that headache for them," he said.

He says most users forget about subscription charges because consumers are writing fewer checks to pay bills.

Siu says his savings were spread across four credit cards.

"You have bigger things to worry about as a business owner," he said. "Small things like this you shouldn't be concerned about."

Truebill hopes to make money in the future by recommending services to its users.