What is Arrears?
"Arrears" refers to payments that are overdue or have not been made by their due date. It can apply to various financial obligations, such as rent, loan payments, salaries, or utility bills. When a person or organization is "in arrears," it means they owe payments that are past due.
In some contexts, arrears may also describe payments made after the service is delivered, such as salaries paid at the end of a work period. Understanding the specific context is essential to interpreting its meaning accurately.