What is Arrears?

Arrears are used in any context in which debt is explained. This term is mainly used for the state of being late with the payment. The actual debt or missed payment is not considered as arrears only the state. The usage of this word can cover many fields like: missing a deadline, or holding out on a contract, missing payment, unfinished duties and even child support. For example you miss on paying the credit card bill or if your under a contract but you can't finish on time and this state is considered as arrears.