Meaning of “debt arrears” in the English Dictionary

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"debt arrears" in Business English

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debt arrearsnoun [ plural ]

uk us

FINANCE an amount of money that was owed on a particular date, which was paid late or has still not been paid:

Clearing external debt arrears will be a critical step in the country’s economic recovery.

(Definition of “debt arrears” from the Cambridge Business English Dictionary © Cambridge University Press)