Getting rid of landlines and going mobile-only is a popular choice for people -- especially young singles -- who are looking to cut costs.

Verizon lost 9.8% of its landline subscribers last year, and is now working overtime to retain those it still has. The Wall Street Journal reports (subscription required) that the company is considering implement a new $5 per month plan that allows incoming and 911 calls only. The Journal adds that "The telecom provider could begin offering the new $5 plan by summer, along with a second, $10 monthly plan that would allow some limited local calling. Only customers with high-speed Web access from Verizon would qualify for the new plans, according to a person close to the company."

The plan would be advertised broadly and will be offered only to subscribers who call and threaten to cancel their service.

It's not yet known whether Verizon will actually implement this plan, but here's a tip for phone service customers looking to cut expenses: Call up the phone company and threaten to cancel. They've offered special promotions to would-be defectors for decades but they appear to be especially desperate now.