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Meaning of “arrears” in the English Dictionary

"arrears" in Business English

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arrearsnoun [plural]

uk   us   /əˈrɪəz/ FINANCE
money that is ​owed and should already have been ​paid: He ​ran into difficulties with his ​mortgage, ​building up more than £18,000 arrears. The ​government is ​committed to the ​full and timely ​payment of its ​publicdebt and arrears.
in arrears
owingmoney that should have been ​paid in the past: Only 75 of its 7,300 borrowers are in arrears. About 180,000 ​homeowners were more than three months in arrears.
UK if someone is ​paid in arrears, they are ​paid at the end of the ​period of ​time during which the ​money was ​earned: Childcare often has to be ​paid for in ​advance, while ​salaries are ​paid in arrears.
(Definition of arrears from the Cambridge Business English Dictionary © Cambridge University Press)
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“arrears” in Business English

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