Heads up, Verizon customers, because it sounds like the big red carrier’s got some changes in store for you.

Sources say that Ol’ Red is planning to make some big changes to its Edge and More Everything offerings on October 16. Verizon Edge is the carrier’s device payment plan that allows you to pay for a product in installments and eventually trade up to a new piece of hardware. Meanwhile, More Everything is Verizon’s shared data offering.

When it comes to Verizon Edge, it’s said that the number of monthl payments will increase from 20 to 24. Customers will also need to pay off 75 percent of their current device to upgrade, up from the 60 percent level right now. Customers will also be able to upgrade after making 18 monthly payments. Finally, customers on 500MB to 8GB plans will see an increase in their monthly per line discount, going from $10 to $15.

Verizon’s More Everything lineup will gain a new $20 tier on October 16 that’ll include 500MB of data, unlimited talk and text and a $15/250MB overage fee. The existing $40/1GB tier will increase to $60 per month, while the $50/2GB tier will grow to $75. All three plans will be eligible for a Verizon Edge discount.

Overall these new offerings sound like a mixed bag. The Verizon Edge changes are nice for folks that don’t upgrade often because it means that they’re paying less each month, but folks that do like to upgrade frequently will now need to wait longer before they can trade up to a new device. Meanwhile, a new entry-level More Everything plan is a nice addition for folks that don’t use much data, but it’s kind of a bummer to see the existing rate plans go up in price.

Via Droid-Life