Verizon announces early upgrade plan

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Verizon Wireless has announced a new early upgrade plan for its mobile phones in the wake of similar plans announced by rivals T-Mobile and AT&T.

Verizon's Edge program allows customers to upgrade to a new phone as early as every six months if they make a monthly payment on the full retail cost of the phone and pay off 50 percent of the cost of the phone at the time of the upgrade.

The program begins Aug. 25 nationwide. AT&T and T-Mobile announced similar early-upgrade plans earlier this month.