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Arrears Meaning: Definition, Examples, and Translations

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arrears

[ษ™หˆrษชษ™z ]

Definitions

Context #1 | Noun

financial

The state of being behind in the payment of debts or obligations.

Synonyms

debts, outstanding balance, overdue payments.

Which Synonym Should You Choose?

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Word Description / Examples
arrears

Use this when referring to overdue payments that have not been settled on time, typically in the context of rent, bills, or other financial obligations.

  • He is in arrears with his rent payments.
  • The company has fallen into arrears with its supplier payments.
debts

This is a broad term that describes money that is owed or due to be paid. Debts can apply to loans, credit cards, or any borrowed amount.

  • He has accumulated a lot of debts over the years.
  • Paying off student debts can take decades.
overdue payments

Refer to payments that should have been made by a certain date but were not. This term often implies a reminder or warning.

  • Your account has several overdue payments.
  • He received a notice for overdue payments on his mortgage.
outstanding balance

Typically used in the context of an unpaid amount on an account, such as a credit card or utility bill, that has not been fully paid yet.

  • You have an outstanding balance of $200 on your credit card.
  • Please pay your outstanding balance by the end of the month.

Examples of usage

  • He was unable to clear his arrears on the loan.
  • The company faced legal action due to outstanding arrears.
Context #2 | Noun

legal

The state of being behind in the performance of a duty or task.

Synonyms

default, delinquency, neglect.

Which Synonym Should You Choose?

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Word Description / Examples
arrears

Use when someone is behind on a regular payment, such as rent or a loan. It has a formal and somewhat neutral tone.

  • He is in arrears with his mortgage payments.
  • The company found itself in arrears after several clients failed to pay on time.
delinquency

Used to describe overdue payments, particularly when a payment has not been made by its due date. Often has a negative connotation.

  • The account is now 30 days past due and is considered delinquent.
  • His credit score was damaged by the frequent delinquencies on his credit card bills.
default

Used in formal contexts, especially when someone has failed to meet a financial obligation or payment. It often implies legal or financial consequences.

  • If you default on your loan, the bank may repossess your house.
  • The company defaulted on its debt, leading to a major financial crisis.
neglect

Describes a failure to care for or give proper attention to something, not just in financial contexts. It generally has a negative connotation.

  • The garden showed signs of neglect after the owner left for vacation.
  • Children who suffer from neglect often face emotional and physical challenges.

Examples of usage

  • He was in arrears with his rent for several months.
  • The project fell into arrears due to lack of resources.

Translations

To see the translation, please select a language from the options available.

Interesting Facts

Legal Context

  • In legal terms, arrears often relate to outstanding payments like rent or child support that need to be paid.
  • Many jurisdictions have specific laws that define how arrears accumulate and the penalties for not paying them.
  • Mortgages may include clauses regarding arrears, which could lead to foreclosure if payments are not made in a timely manner.

Finance

  • Arrears can accumulate interest, which means the total amount owed can grow over time if payments are missed.
  • Utility companies often track arrears, and failure to pay can result in service disconnection.
  • In certain pension plans, contributors may fall into arrears if they do not make payments on time, affecting their retirement benefits.

Cultural References

  • In literature, characters dealing with arrears often represent broader themes of responsibility or consequence.
  • Movies and plays sometimes depict the struggle of individuals facing arrears, emphasizing the impact of debt on personal relationships.
  • Arrears are often used in storytelling as a plot device to explore moral dilemmas surrounding financial obligations.

Psychology

  • People dealing with financial arrears may experience increased anxiety and stress, as unpaid debts can create fear of consequences.
  • The shame associated with being in arrears can lead to social isolation and avoidance of financial discussions.
  • Research indicates that financial stress, including arrears, can significantly affect mental health and overall well-being.

Origin of 'arrears'

Main points about word origin

  • The word comes from Middle English 'arere', which means 'at the back' or 'behind'.
  • It has roots in the Old French word 'arriรจre', meaning 'behind' or 'to the rear', linking the concept of delay.
  • The term was first recorded in usage around the 15th century, indicating financial obligations that are overdue.

The word 'arrears' originated from Middle English 'arere', which means 'in arrears'. It has been used since the 16th century to refer to the state of being behind in payments or obligations. The term is commonly used in financial and legal contexts to describe overdue debts, payments, or duties. Over the years, 'arrears' has maintained its relevance in discussing financial matters and remains a key term in accounting and law.

Word Frequency Rank

Position #9,627 indicates this is an advanced-level word. While not essential for basic communication, it will enhance your ability to understand and create more nuanced content.