What You Need to Know Before You Change Cell Phone Plans

Getting rid of a cell phone provider or switching services is not cheap, and certainly not hassle-free, but not to worry, the Feds are on the case. And depending on your carrier, cancelations are starting to cost a bit less, already.

Even though no domestic carrier is as forgiving for plan droppers as Verizon Wireless (VZ Quote - Cramer on VZ - Stock Picks), which eliminated the flat-fee of $175 for anyone leaving their plan early in November 2006, AT&T (T Quote - Cramer on T - Stock Picks) restructured its termination fee plan last month and Sprint Nextel (S Quote - Cramer on S - Stock Picks) and T-Mobile are expected to follow suit by the end of this year.

In the meantime, the Federal Communications Commission plans to hear consumers' opinions on termination fees at an open agenda meeting in Washington D.C. on June 12. After the hearing, the FCC is expected to create a taskforce to create a nationwide cancelation fee policy that would apply to all cellular service providers. To continue reading this article please click here and learn more about cell-phone companies eliminating the cancelation fee.