ARREARS

Arrears

Arrears 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 term is usually used in relation with periodically recurring payments such as rent, bills, royalties, and child support.

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arrears

Noun

  1. An unpaid or overdue obligation. A debt.


The above text is a snippet from Wiktionary: arrears
and as such is available under the Creative Commons Attribution/Share-Alike License.

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