Arrears Definition:

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Arrears, or arrearages is a legal term for the type of debt accrued after missing an expected payment. Arrears accrue from the date upon the first missed payment. The term is often used to describe being late with loan payments, mortgage payments, rent, royalties (or other contractual payments), child support, or other legal financial obligation. The word is also used to describe entitlements earned, as in a job wage or salary.

																							

																						

																					

																				

																			

																		

																	

																

															

														

													

												

											

										

									

									

							
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