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A payment plan agreement is established between a debtor and a creditor, outlining the terms for repayment of a debt. This tutorial discusses the reasons for adopting payment plans, common items and services associated with them, and sources for free agreements. Payment plans are often utilized for expensive purchases, allowing customers to divide the total cost into manageable payments, alleviating the upfront financial burden. This approach benefits sellers by enabling them to charge interest, potentially increasing their total revenue beyond the original price. If immediate acquisition is necessary, a payment plan may be an optimal solution for buyers.