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A payment plan agreement is established between a debtor and a creditor, outlining the terms for debt repayment. These plans are commonly adopted for expensive items or services, allowing costs to be spread over time, which alleviates the financial burden on buyers. Sellers benefit by potentially earning additional revenue through interest charges. Payment plans can be advantageous as they provide immediate access to goods or services while allowing flexibility in payment. Various resources are available for finding free payment plan agreements. Overall, payment plans can benefit both buyers and sellers when structured effectively.