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A payment plan agreement is established between a customer and a creditor, committing the debtor to repay the debt per the contract's terms. This summary explores the reasons for adopting payment plans, common items and services associated with them, and where to find a free agreement template. Payment plans are frequently utilized for expensive items or services, easing the financial burden on buyers by enabling payments over time. This arrangement benefits sellers as well, potentially allowing them to earn more through interest charges. For buyers needing immediate access to items, payment plans can be an advantageous option.