Outrageously Funny Word Dictionary :: Arrears

👉 Arrears is a financial term that refers to the unpaid amounts of money that are due on a debt or an installment plan. It can be defined as the amount that remains outstanding after all payments have been made and any interest or penalties have been added to the principal balance. In other words, it is the remaining amount after all payments have been made but before interest has been applied, and before any additional charges for late payment are deducted from the principal balance.

arrears