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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