Popular Terms
Liability or obligation not met on the due date. Loan payments are in arrears the day after they are due. Also called arrearage.

Use 'arrears' in a Sentence

This person paid too much taxes one year, then not enough the next, the tricky accounted we experienced was upon calculating the arrears.
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During a financial audit, sometimes finance professionals discover that there are accounts in arrears that need to be brought current to improve the company's financial stability.
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Trevor was having trouble paying his rent again this month and he was so far in arrears already that he feared he probably would lose his apartment once and for all.
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