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A payment plan agreement is a contract between a debtor and a creditor outlining the repayment terms for a debt. This method is commonly adopted for expensive items and services, helping to alleviate the upfront financial burden for buyers by spreading costs into manageable payments. Sellers may gain by charging interest, leading to an overall payment that exceeds the original price. Payment plans are beneficial when immediate access to a product is required, as they can represent a mutually advantageous arrangement for both parties. Resources for finding free payment plan agreements are available for those interested in setting one up.