If you have a choice between upgrading to a phone whose features you don't need or care about, versus reducing the contract payments of your current phone that meets all your needs, you should obviously go with the reduced contract.
I probably don't need to explain that any further, but I'll do it anyway...
Even if you wanted cool bells and whistles of a new phone, you'd still be coming out ahead with a prolonged contract costing you less money in the long-run that you could be buying hookers and blow with.
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