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A payment plan agreement is established between a debtor and a creditor, outlining terms for repaying a debt. Payment plans are commonly used for expensive items or services, offering benefits for both parties. They alleviate the buyer's immediate financial burden by allowing installment payments, while sellers can enhance revenue by charging interest, resulting in a higher total cost for the buyer. Payment plans are ideal for consumers needing immediate access to goods or services but may lead to greater total expenses over time. The tutorial will also discuss commonly financed items, services, and sources for free payment plan agreements.