T-Mobile USA have announced a new financing scheme that will let cash-strapped buyers spread the cost of new handsets and accessories.  The Equipment Instalment Plan (EIP) will be offered to “qualified” customers, presumably those who pass a T-Mobile credit check, and involve splitting the overall cost of devices and accompanying accessories over four monthly payments.

Unlike many payment plans, however, those using T-Mobile’s EIP won’t incur any interest charges, finance or start-up fees in choosing to spread their repayments.  We’re assuming that the cost of the hardware will be added to the subscriber’s monthly bill, to make payment straightforward.

The upfront cost of a new handset is often a big stumbling block to upgrading, and the common alternative – putting it on a credit card – can leave users subject to high interest rates.  However, while it’s often useful to be able to portion out your bills, it’s also better not to overstretch yourself.  Hey, we love phones here at PHONE Magazine, but other things (rent and food, perhaps?) do take a slight priority!