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Switching cell phones not an option? Debt consolidation may be something to consider
12/20/2009
There are many ways consumers are looking at when it comes to trying to save money and pay off debt, including switching their cell phone provider.
One danger in doing so is that consumers could be charged with an early termination fee for leaving their current provider. For example, a recent report from Consumer Action notes that early termination fees can range from $175 to $300.
"The good news is that there are steps smart consumers can take to figure out if they are in the ETF 'penalty box' and even how to minimize the pain if they do have to pay a penalty," Ken McEldowney, executive director for Consumer Action, said.
The organization reports that though cell phone companies may charge a fee for leaving a plan early, that charge could be eliminated if the consumer has been with a provider for long enough. The general rule of thumb is two years of having a contract with a company.
However, some consumers may find that they are still in the penalty phase with their cell phone provider, yet want to find some way to reduce the amount they pay in bills each month. An option they may consider is debt consolidation, which can help people pay off their credit card debt at a lower interest rate.
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