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A payment plan agreement is established between a debtor and a creditor to facilitate debt repayment under agreed terms. Such agreements are frequently used for costly items or services, benefiting both parties. They alleviate the buyer's upfront financial burden by allowing payments in installments and can increase the seller's total revenue through interest charges. While beneficial for immediate access to expensive purchases, it is crucial for buyers to understand that interest may result in a total payment exceeding the initial sales price. Payment plans are versatile and applicable to various goods and services, often recommended for items requiring prompt ownership.
