Aug 11, 2015 11:59 AM

Verizon ditches yearly contracts for monthly plans, upgrades could get pricey

Verizon is changing the way you pay for your cell service.

In short, no more long-term contracts.

Verizon says it should save you money in the long run.

This applies to new customers and current ones buying new phones, so this impacts a lot of people across the country, including in New Hampshire.

The big change - no more low-cost upgrading to the latest and greatest phones every time you renew.

That's because there are no more 2-year contracts and subsized phone deals.

It's all monthly, and contracts will look like this:

-$30 a month for 1 GB of data

-$45 for 3 GB

-$60 for 6 GB

-$80 for 12 GB

Basically, the more data you buy, the better the deal, unless you're using very little data. In that case you could end up saving money.

"The big loser is going to be Apple because Apple is no longer going to have the price of the iPhone hidden away in your monthly bill,” Tech expert Craig Peterson said. “People are going to see what it costs to get that new iPhone every two years. Cut to Apple is going to have to lower some of the pricing, frankly, and they have a huge margin - the largest margin of anyone in the industry, so they can lower the prices to get back in."

If you need a phone, you can pay for it upfront or you can be on a monthly payment plan. Verizon is just the latest carrier to move away from the big contracts.

AT&T announced it was phasing out it's 2-year contracts in June.


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