payment plans

Payment plans are agreements that allow individuals to pay for goods or services over time instead of making a full upfront payment. Typically used for expensive items like cars, homes, or medical bills, these plans break down the total cost into smaller, manageable installments. Each payment may include interest, which adds to the overall amount paid. Payment plans can help make larger purchases more affordable, but it’s essential to understand the terms, including the payment schedule and any fees, to ensure it fits one’s budget and financial situation.