If you're not exactly flush with cash or don't feel like plunking the cost of a new mobile phone on your credit card, T-Mobile is offering another solution: installment plans for mobile phones.T-Mobile's media relations e-mailed me this morning with details about the new payment option.

"I wanted to give you a heads up about a unique offering from T-Mobile USA," said Shelby Finn. "We have recently launched our Equipment Installment Plan, which enables qualified customers (current or new) to pay for handsets and accessories over four monthly installment payments. This plan will provide more flexibility for customers when choosing a new handset."

According to Finn, there will not be any additional interest charges, finance, or start-up fees for those that choose to use this plan.

For the program to work, the Equipment Installment Plan establishes an Equipment Credit Line for qualified customers that can be used to purchase handsets and equipment through four monthly installment payments. Finn didn't say if there was a limit to the amount of the credit line. Obviously, you have to have decent credit to sign up for this plan.

Breaking it down, if you want to buy a $200 phone, you can now spread that $200 out over four months. Essentially, you'll add $50 to your monthly wireless plan for four months until the handset is paid off.

It's a nice move for T-Mobile, which is obviously hoping the installment plan convinces more people to re-up their contracts and buy new phones. That T-Mobile isn't charging any fees or interest makes it a no-brainer for many, I am sure.

T-Mobile didn't indicate that this would be an option for enterprise customers, but quite truthfully, if any company can't afford the price of a new phone, then perhaps it has other issues to be concerned about.