What are arrears?

Arrears Definition: Arrears refer to an obligation or the need to make a payment, usually by money or a specific due date. The remaining outstanding balance is considered arrears when a payment is missed, delayed, or only partially paid. Payments for goods or services are often expected to be made within a specific time frame stipulated in a bill or invoice.

Once this date passes, the amount owing is considered arrears and may be subject to legal action. Arrears often refers to unpaid rent, mortgage, phone, internet, or utility expenses. According to a contractual agreement, payments made in installments may become arrears if missed or the bank returns a payment due to insufficient funds.

Jul 30 - Comparewise Business Loan Banner

Other business terms:

Business Loan Help Center

How to Get a Grocery Store Business Loan
Best Type of Business Finance for Large Businesses
An End-of-Year Checklist for Your Small Business
How to Get Business Loans in Canada
Smarter Loans
Forward Funding
Kingsmen Capital Investments
Growth Street Capital
SharpShooter Funding
American Express Business Platinum Card
National Bank Allure Mastercard
National Bank MC1 Mastercard
Tangerine World Mastercard


Didn’t find the information you were looking for?

Send us your questions and we will get back to you.

Car loan?
Personal Loan?

Top deals await you just a short
application away!