Arrears

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Dictionary Meaning and Definition on 'Arrears'

Arrears Meaning and Definition from WordNet (r) 2.0
    arrears n
  1. the state of being behind in payments; "an account in arrears"
  2. an unpaid overdue debt
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Wikipedia Meaning and Definition on 'Arrears'


Arrears (also sometimes known as rearage) is a legal term for the part of a debt that is overdue after missing one or more required payments. The amount of the arrears is the amount accrued from the date on which the first missed payment was due; the account is said to be "in arrears." The term is usually used in relation with periodically recurring payments such as rent, bills, royalties (or other contractual payments), and child support.

Payment in arrears is a term describing payments made after a service has been provided. In this case use of the word "arrears" does not imply any breach.

The term in arrears is also used in many contexts to refer to payments made at the end of a period, as distinct from in advance, which are payments made at the start of a period. For instance, rent is usually paid in advance, but mortgages in arrears (the interest for the period is due at the end of the period). Employees' salaries are usually paid in arrears.

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'Arrears' in famous quotation sentence


* I sometimes think we expect too much of Christmas Day. We try to crowd into it the long arrears of kindliness and humanity of the whole year. As for me, I like to take my Christmas a little at a time, all through the year. And thus I drift along into the holidays--let them overtake me unexpectedly--waking up some fine morning and suddenly saying to myself Why this is Christmas Day - David Grayson

* Don't expect too much of Christmas Day. You can't crowd into it any arrears of unselfishness and kindliness that may have accrued during the past twelve months. - Oren Arnold


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Arrears Sample Sentences in News


  • Child maintenance accounts hit by inherited IT problems - The Guardian
    Problems with IT systems at the Child Maintenance and Enforcement Commission (CMEC) have left it unable to report payment arrears properly, the National Audit Office (NAO) has found. CMEC, which took over responsibility for statutory child ... Read more on this news related to 'Arrears'
  • Watchdog finds errors in child support accounts - The Guardian
    The auditor general, Amyas Morse, also gave "adverse opinions" on the truth and fairness of outstanding maintenance arrears, which the commission put at £3.748bn by March last year. He said the figures did not give an accurate reflection of the ... Read more on this news related to 'Arrears'
  • DATA SNAP: UK Property Repossessions Steady, Mortgage Arrears Fall-CML - NASDAQ
    LONDON -(Dow Jones)- The number of property repossessions in the first quarter of 2012 held steady, while the number of people falling behind in their mortgage repayments declined, data from the Council of Mortgage Lenders showed Thursday, as ... Read more on this news related to 'Arrears'

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