arrearage
- It refers to the situation when a person is overdue on a debt or obligation
- It denotes the outstanding amount that's overdue from previous unpaid balances
- If rent is not paid on time, an arrearage can build up, which might lead to eviction.
- Failure to pay child support can accumulate into an arrearage, leading to legal consequences.
- The homeowner had a significant arrearage on the mortgage, leading to a possible foreclosure process.
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