Generally used in relation to a financial obligation such as rent, loan repayments, or bills, arrears are defined as payments that are past due or unpaid after they were due. An individual accrues arrears when they miss a certain payment, which frequently leads to fines or interest.
What It Means to Be in Arrears, With Example By Julia Kagan →← Curating the web to find the most interesting and helpful information about your money.