Busted: The Truth about Top Cellphone Myths Costing You Real Money

Most people today have a cellphone that rarely leaves their side. In fact, cellphone usage is at an all-time high, with 91 percent of adults owning one, reports the Pew Research Center. While the technology has drastically improved many aspects of daily life, the cost of devices and service plans - as well as the complex contracts - leaves many people feeling like they're being hustled. T-Mobile believes you have a right to know about the commonly believed misconceptions about the cellphone industry that are causing people to spend more than necessary. Get the facts by learning the truth about the most common cellphone myths. Myth: One late payment won't affect your credit score Reality: It doesn't take much for your credit score to take a hit. One late payment can stay on your record for up to seven years. Because most of the top wireless carriers use your credit score to judge whether they should give you the best deals, that means one bad decision can haunt you years later. First, always make it a priority to pay your bills on time. Second, look for a carrier that considers more than a credit check to obtain the best deals. Myth: The advertised deals from carriers are for anyone Reality: Wireless carriers spend $4 billion advertising their "best" deals on smartphones, yet in reality, more than half of Americans cannot get the deals because they are reserved only for those with the "best" credit. According to the Consumer Federation of America, credit score plays a "vital" role in many purchases. The new Smartphone Equality initiative from T-Mobile allows anyone with a monthly voice plan who pays their bills on time each month for a year to qualify for their best deals - zero down, no interest and no credit check. Visit www.t-mobile.com for more information. Myth: Almost all American adults have a smartphone Reality: At a time when mobile connectivity is sweeping the globe, the United States ranks 13th in the world in terms of smartphone penetration − behind a dozen countries including Australia, Israel and Saudi Arabia. There are more than 100 million American adults who don't have a smartphone according to Pew Research and the U.S. Census Bureau. A smartphone paired with the right plan for your needs can keep you connected and benefit your budget. Furthermore, many people choose to eliminate land lines and sometimes even Internet service at home to save and then solely rely on their smartphones to stay connected. Myth: You pay more for smartphones with no-contract plans Reality: Consumer Reports states it's cheaper to buy a phone through a no-contract plan. Why? Because you finance the phone separately from your wireless service and therefore once it is paid off, your monthly bill can decrease. You will not continue to pay a higher amount after that time - unlike an annual service contract plan. Research popular no-contract prepaid and postpaid plans, like Simple Choice from T-Mobile. Loyal customers can immediately qualify based on their relationship with T-Mobile, making T-Mobile's best wireless deals more accessible.