If you're a dividend investor, you've likely taken a close look at AT (NYSE: T) and Verizon Communications (NYSE: VZ) if you don't already own them.

These two telecom giants are classic blue-chip stocks. They're huge, seemingly stable companies that the economy depends on, and they crank out strong profits each quarter. Additionally, they both offer impressive dividend yields at the moment -- both around 7.5%.

However, those yields have risen not due to strong payout increases, but because the prices of both AT and Verizon stocks have steadily eroded. They've become yield traps, a dividend stock that looks good but only offers a high yield because the price has fallen as investors have decided it isn't worth owning.

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Source Fool.com