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Verizon raising prices
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Money

Have Verizon? Your bill is about to go up

As sure as death and taxes, you can bet your bottom dollar that prices will increase for almost everything. As U.S. inflation topped a four-decade high in March, many companies are looking at price hikes to secure their bottom line.

If you are a Verizon user, your bill will be going up soon. If you got comfortable paying your regular rate, the increase might come as a blow as it’s the first in nearly two years.

Read on to see which plans are increasing and by how much.

Here’s the backstory

The last time Verizon increased its administrative fees was in August 2019. The company tacked on a few cents to raise the price to $1.78 per line. However, citing higher operating costs, Verizon plans to increase its administrative fee by $1.35 per line, starting in June.

According to Bloomberg, business customers will soon have an “economic adjustment charge” added to their bills. Those data plans are increasing by $2.20.

Basic service plans are rising by 98 cents per month. The company outlined increasing inflation and higher operating costs in an investor call earlier this month.

The increases came a few weeks after communications rival AT&T announced its price hikes. AT&T announced a $6 increase. It’s the first AT&T increase in nearly three years, with the company pointing towards inflation as a reason. But not everybody is convinced that inflation is to blame.

“We are skeptical of claims that carriers are raising wireless prices because of inflation. It is too easy to blame price increases on such an obvious factor,” Diana Moss, president of the American Antitrust Institute, told Bloomberg.

What you can do about it

If you want to avoid price hikes, it might be time to switch providers. Our sponsor T-Mobile has several wireless plans to attract those looking for alternatives.

T-Mobile has unlimited rate plans exclusively for people 55 and over chock full of included benefits: Get two lines of unlimited data, talk and text for just $27.50 a line per month with AutoPay — with no surprise price hikes, ever.

Tap or click here for more details on T-Mobile’s Essentials 55+ unlimited plan and save money on your monthly phone bill.

You may also like: Since the prices of everyday items are increasing, here are five apps that will save you money on things you’re already buying.

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