If you are tired of being shackled to your cell phone contract with AT&T, Verizon, or Sprint and don’t want to pay any kind of outrageous early termination fee to end your relationship with them, I think I may have some good news for you. After all, who would want to pay approximately $350 to get out of a phone contract? Add to that if you have multiple phones on the same plan and the cost soon becomes astronomical. Not too many of us are ready to shell out that kind of money on a last bill, and so we wait, and we wait, and we wait until our contract finally expires.

In some recent news, T-Mobile has announced that they would like to remove the waiting as well as all of the early termination fees associated with terminating your current cell phone contract. There is a catch, of course; that being you have to sign up for service with T-Mobile. After looking it over there are some definite pros and some pretty big cons.

T-Mobile Will Buy You Out Of Your Phone Contract

Who’s Ready To End Their Relationship With Their Cell Phone Provider?

T-Mobile is promising to buy you out of your current contract with AT&T, Verizon, or Sprint. All you have to do is go into one of their stores and they will get you switched over. Here’s the good: they will pay up to $350 a line for up to 4 lines to cancel your current contract. Here’s the not so good: you have to trade in your current phone (for which they will give you up to a $300 bill credit) and either purchase one of their phones for the retail price or buy one for “free” upfront with one of their installment plans. If you wanted to get an iPhone 5s for example, you would pay an additional $25 a month (on top of your monthly service charges) for 24 months. And while there’s no contract exactly with T-Mobile, if you cancel your plan before your phone is completely paid for, you will owe the remaining balance on the handset.

All of T-Mobile’s plans include unlimited talk, text, and data – but there’s a catch to the data part. While you won’t be charged any kind of overages, your data will be slowed down to a crawl if you go above your allotted limit of 500 MB or 2.5 GB. There’s also an unlimited plan you can select if you don’t want your data slowed, but you will pay more .

While T-Mobile’s offer looks great at the outset, if you have a family with multiple smartphones the costs can add up very quickly every month.

[Image via T-Mobile]