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A payment plan agreement is a contract between a debtor and a creditor outlining the terms for debt repayment. These plans are often used for expensive items or services, making them appealing for customers who benefit from spreading costs over time while alleviating upfront financial burdens. For sellers, offering a payment plan can be advantageous as it may result in increased overall revenue through interest charges. Payment plans can apply to various goods and services, and those needing immediate access to an item might find this arrangement beneficial. Free templates for payment agreements can typically be found online.