👉 The term "arrearage" in the context of finance refers to the amount of money that is owed or unpaid at a particular point in time. It represents the total amount due for a given period, typically based on the payment history and the terms of the loan agreement. In simple terms, arrearages are the outstanding balance of a debt that has not been paid off completely. They can be either due from one party to another or owed by the borrower themselves. The term is often used
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What is the definition of Arrearages? 🙋
👉 A reaage is a financial term that refers to a period of time when a borrower or creditor has not paid back all or part of their debt. This can be caused by a variety of reasons, such as non-payment, late payment, or default on payments made during the reaage period. In legal terms, arrearages are considered debts due within an agreed-upon reaage period. The amount of the debt owed is usually stated in a specific form, such as an
