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A payment plan agreement is formed between a debtor and a creditor, binding the debtor to repay the owed amount according to the contract's terms. These agreements are commonly utilized for expensive items or services, allowing customers to avoid upfront costs by breaking payments into smaller installments. For sellers, offering a payment plan can increase revenue through interest charges, resulting in the buyer paying more than the initial price. Payment plans are beneficial for those needing immediate access to items while managing their finances effectively. The tutorial will discuss the reasons for adopting payment plans, popular items and services that utilize them, and how to find a free agreement template.