Verizon: You can have unlimited data, but only if you pay for your cell phone in full

At an investor conference earlier this week, Verizon CFO Fran Shammo revealed Verizon's plans to kill unlimited data plans--even for customers supposedly grandfathered into unlimited data. Instead, the company would be moving everyone onto a shared data plan, so instead of needing a separate data plan for every device you carry around or for each member of your household, you can have one plan to rule them all. While shared data sounds great if you're a multi-device user, the move to backtrack on grandfathered plans still sucks. Facing the uproar from unhappy customers, Verizon now says you can keep your unlimited data--for a price.

The price is your next cell phone's subsidy. For now, you can keep your cell phone's unlimited data plan, but when you upgrade your phone, you'll have to pay full retail price in order to keep the plan. If you want a discounted price on the phone, unlimited data will no longer be available.

The difference between a subsidized phone and one at full retail price is hundreds of dollars. The iPhone 4S, for example, is $200 with your wireless plan and contract but $650 out of contract. Ouch!

Is it worth it? Over a 2-year contract, the difference is $18.75 per month in this iPhone example--assuming you go for a new phone in 2 years.

Even though only 1 percent of us use more than 5GB per month and 5.4 percent between 2GB and 5GB (according to AT&T data on Consumer Reports), that's still a great number of people who now have to pay more on Verizon for unlimited data. Unlimited data means you can stream videos, transfer huge files, and upload pictures to your heart's content.

Besides switching to Sprint, the only wireless carrier now with truly unlimited data, you could hold onto your cell phone for longer than 2 years to lower the extra cost of unlimited data on Verizon or buy your next new phone from eBay or elsewhere.

Related: How much data do I really need? | How to monitor your mobile data usage | How to avoid data roaming charges

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