Phone contract got you down? Advice for that new device

WASHINGTON – If the iPhone 5 or Samsung Galaxy S III have caught your eye, but your wireless contract has you tied down, PC Magazine has some advice.

Most carriers let you cancel a contract within a 14- or 30-day period. You may have to pay a restocking fee, but you’ll be free to shop around.

Early termination fees can be as high as $350. If you’re desperate enough, you can just fork over the cash (though at that point you might as well buy the phone at retail).

However, a little known early termination fee fact is that the amount goes down each month of your contract. Check with your wireless provider or use this handy calculator to see what your fee may be.

If another family member is eligible for an upgrade, that phone can then be transferred to your line once the transaction is complete. You’ll still be locked into a contract but, hey, you’ll have a new phone.

PCMag has more ideas on how you can get out of your cellphone contract.

WTOP’s Jeanne Meserve contributed to this report. Follow WTOP on Twitter.

(Copyright 2012 by WTOP. All Rights Reserved.)

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