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
- Cane arrears: High court to hear case today
The payment percentages of private and cooperative mills stand at over 66% and 91% respectively Read more on this news related to 'Arrears'
- Cane arrears: HC hears case tomorrow, UP mounts pressure on mills
Even as the Allahabad High Court will hear the case pertaining to cane arrears on Uttar Pradesh sugar mills tomorrow, the state government has been mounting pressure on private mills for early payment. Read more on this news related to 'Arrears'
- Government failing to tackle subprime issue, claims FF
Figure for mortgages in 90-day arrears ‘staggering’, says finance spokesman Read more on this news related to 'Arrears'