The Wireless Family Plan Phenomenon
The affordability of group wireless plans has created a different type of family dynamic: the cellphone family. According to The Wall Street Journal, networks of friends, roommates, neighbors, and colleagues have banded together to join family cellphone plans that substantially reduce the cost of their monthly plans.
According to research by Cowen, a whopping 70% of post-paid cellphone plan customers surveyed are on family plans. Despite some logistical challenges of cost-sharing, these cellphone plans “families” benefit financially from this type of arrangement. The reality is, wireless bills are expensive and people are doing everything they can to off-set the high costs of having a cellphone.
According to The Wall Street Journal, the nation’s major carriers like Verizon, Sprint, AT&T, and T-Mobile have plans that range from $60 to $95 per month for unlimited talk, text and data. Family plans from the same carriers can decrease the cost anywhere from $10 to $35 per person, depending on the size of the family plan. For consumers who are struggling to pay their bills, the savings are significant.
Family plans not only benefit the consumer, they benefit carriers as well by strengthening brand loyalty and providing access to their customers’ wider social circle.
Overall, family plans are a win for consumers who want to save money, but they’re not without pitfalls. Failure to pay, movement within the group and other inconsistencies can pose logistical problems that these groups must overcome.
If you’re interested in forming a “non-family” family plan, stay tuned for our round-up of the best options. In the meantime, Billshark can help you save money on your current bill. Just send it to us and we’ll negotiate a lower rate so you never overpay again.