Most likely, the brake shoes for the parking brake delaminated and are now constantly rubbing the rotor. If you have a manual tranny, this needs to fixed right away. For an automatic, you could remove the rotor, save the springs, expander, etc and put the rotor back on. Then wait for new shoes and do both rear brakes at the same time - get new rotors and brake pads.
If you take the shoes off, you will not have a parking brake. When installing shoes, both sides need to be replaced at the same time.
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Keeping it running is better than buying new
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