A big problem for telecom companies such as Verizon Communications (NYSE: VZ) these days is that consumers aren't rushing to upgrade their phones. At a time when inflation is forcing people to stretch their budgets, one easy way to keep costs down is to resist the urge to upgrade a cellphone that's working fine, and to avoid potentially having to take on a more expensive phone plan as well.

Here's how long consumers are waiting to upgrade their phones, and why that could soon change.

Verizon CEO Hans Vestberg said in a recent interview with CNBC that its current customer holds on to their phone for "way over 36 months," compared to in the past, when it was normal to change a phone every year. The company offers promotions for 36 months to help pay for a new phone, but Vestberg's statement suggests that consumers are keeping them even after the promo period ends.

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Source Fool.com