ar·rears / əˈri(ə)rz/ • pl. n. money that is owed and should have been paid earlier: the arrears of rent.PHRASES: in arrears (also chiefly Law in arrear) behind in paying money that is owed: two out of three tenants are in arrears. ∎  (of payments made or due for wages, rent, etc.) at the end of each period of work or occupancy: you will be paid monthly in arrears.DERIVATIVES: ar·rear·age / əˈri(ə)rij/ n.

ARREARS

A sum of money that has not been paid or has only been paid in part at the time it is due.

A person who is "in arrears" is behind in payments due and thus has outstanding debts or liabilities. For example, a tenant who has not paid rent on the day it is due is in arrears.

Arrears may also refer to the late distribution of the dividends of cumulative preferred stock.