Dictionary Meaning and Definition on 'Arrears'
- the state of being behind in payments; "an account in arrears"
- an unpaid overdue debt
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.[See more about Arrears at Dictionary 3.0 Encyclopedia]
Words and phrases related to 'Arrears'
'Arrears' in famous quotation sentence
* 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
- Progress on long-term arrears limited
Only a quarter of owner occupiers in arrears of three months or more have had their mortgages restructured by lenders, according to the Central Bank. Read more on this news related to 'Arrears'
- Study shows loan arrears drag on economy
A new study by a Central Bank economist has concluded that the large number of Irish households struggling with arrears represents a major drag on consumption and on the overall economy. Read more on this news related to 'Arrears'
- S$293m of CPF arrears recovered in 2012
The Central Provident Fund Board (CPFB) recovered a total of S$293 million of CPF arrears including late payments from companies in 2012. Read more on this news related to 'Arrears'