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Michael discusses the rise of discount annual plans in the cell phone service industry, following Verizon's launch. Other providers like ATT prepaid, US Mobile, and Mint Mobile also offer annual plans. With annual plans, you pay for 12 months of service upfront and risk losing money if you cancel early. Michael advises considering the actual savings, payment options, network coverage, extra fees, phone compatibility, and customer service before opting for an annual plan.
