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A payment plan agreement outlines the terms under which a debtor repays a debt owed to a creditor. Such agreements are often used for expensive items or services, making it easier for customers to manage costs by spreading payments over time. This arrangement can benefit both parties: it eases the immediate financial burden for the buyer while potentially increasing total revenue for the seller through interest charges. Payment plans can be utilized for a wide range of goods and services, and resources are available for creating free agreements. In situations where immediate access to an item is necessary, a payment plan can be the ideal solution, allowing the buyer to obtain the item without a significant upfront payment.