Well, let me tell you, the process sucks.
When you try to cancel it from the console, you find that you can't. Interesting, they didn't have any problems with accepting you as a member from the console without "verifying the actual card holder information", but no, you can't leave without talking to the "retention specialist".
Then it turns out that you can not remove your credit card information from the console - they hold it hostage.
And God forbid you try to change the credit card holder name to something like "Not Authorized" - they will be "unable to verify the card holder information" if you do. Haven't tried waiting to see if they try to send you a bill for bouncing the payment with "Not Authorized" being the card holder name, don't have time for those games.
And you have to give them your Windows Live account information - yes, the same you've entered when you first bought the console and tried to use the Live service. Good luck remembering the password, or getting to it in time before the customer supports loses their patience and starts giving you the reference number so you could call back.
After all those hoops, you will have to convince the rep that yes, you are sane, and no, they can't have your reason for canceling the service, and no, there will be no living or dead relatives that would like to pick up the tab after you leave.
In other words, next time you see that lucrative "$1 for 1 month" membership offer, think hard if it's really worth about an hour of your time to cancel the service a month later. Oh, and keep in mind that they are not open 24/7, and they work in Eastern time zone.