Installment plans are payment arrangements that allow consumers to pay for a product or service over time, rather than all at once. Typically, the total cost is divided into smaller, manageable payments made at regular intervals, such as monthly. This makes it easier for individuals to afford larger purchases without straining their finances. Many retailers and service providers offer installment plans, often with little or no interest. These plans can apply to various items, including electronics, furniture, and even medical services. Consumers should carefully review the terms and conditions to understand any fees or penalties associated with late payments.