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| ARREARS |
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| 1. at the end of a term. |
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| Example Interest on mortgage loans is normally paid in arrears. This means that interest is paid at the end of a month or other period. Generally, rent and insurance are paid in advance. |
| 2. -sometimes used to signify default; overdue in payment. |
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| Example Jones has not made his scheduled mortgage payments for three months; he is in arrears. |
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