Netflix have announced a price increase on subscription plans

If you're the poor unfortunate who pays the Netflix subscription in your house, you may want to have a word with the cheeky spongers who make use of your account because your bank account is set to take a hit.

According to reports, Netflix will be increasing the cost of their subscription plans, so you may need to introduce a Netflix kitty to your household in the not so distant future.

It is understood that the increase will go into effect immediately if you're a new customer while existing customers will see an increase later this month.

So, what way is it going to work exactly?

Well, if you're on the basic plan, fret not because your subscription will remain at $7.99 a month. (Praise be!)

However, if you're currently on the two-stream HD tier, you will be charged an extra €1 a month which means your subscription will now set you back €10.99 a month,

And for those on the 4S plan? Well, you guys will see a €2 hike meaning your obsession with the latest TV shows will now cost you €13.99.

Reports state that the price increase is a reflection of the streaming service's growing competition in the United States.