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A payment plan agreement is an arrangement between a debtor and a creditor that requires the debtor to repay an owed amount according to specified terms. This tutorial discusses the reasons for adopting payment plans, the common items and services that utilize them, and where to find free agreements. Payment plans are particularly useful for expensive purchases, alleviating the financial burden on buyers by spreading costs over time. For sellers, offering payment plans can increase overall sales revenue, especially if interest is charged, leading buyers to pay more than the original price. If immediate possession of an item is needed, a payment plan may be the most viable solution.