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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

  • Bedroom tax traps Welsh tenants into arrears and misery | Dawn Foster
    Wales is hit harder by the bedroom tax than any other part of the UK – with a lack of smaller homes for families Kay Harris is stressed. For 47 years, her entire life, she has lived in Bettws, an ex-mining village in the south Wales valleys. She's raised her two children here, and her extended family all live nearby. But since the introduction of the bedroom Read more on this news related to 'Arrears'
  • Up to one in five PTSB customers in mortgage arrears are not engaging with the bank
    Officials from Permanent TSB told the Oireachtas finance committee that 85 per cent of customers offered a split-mortgage had agreed to the deal. Read more on this news related to 'Arrears'
  • Buy to let arrears problem worsens
    While the numbers of households in arrears and those who have made permanent agreements with their lenders rose, the buy to let arrears problem is getting worse. Read more on this news related to 'Arrears'

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