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A payment plan agreement is established between a debtor and a creditor, outlining the debtor’s obligation to repay the owed amount according to the contract's terms. This tutorial discusses the reasons for adopting payment plans, popular items and services for which they are used, and where to find a free agreement. Payment plans are commonly utilized for expensive purchases, as they alleviate the immediate financial burden on the buyer by allowing payments over time, and can be beneficial for sellers as they may include interest, resulting in a higher total repayment. This option is often ideal for buyers who need the item immediately but may lead to a higher cost than the original price if interest is applied.