Verizon has made a significant change to its device payment plans, increasing the length of the contract to 36 months. This is up from the 24 or 30-month options the company previously offered, locking customers in for at least an additional half a year.
US wireless have largely abandoned service contracts, making it much easier for customers to switch companies, a process the industry refers to as “churn.” Since carriers want to reduce churn as much as possible, it’s a common practice to finance phones and tablets over the course of a couple of years. If the customer decides to leave the carrier before the device is paid off, they will have to pay off the phone in one lump sum in order close out their account.
Continue reading Verizon Ramps Up Phone Payment Plan Contracts To Three Years on SlashGear
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