Arrears refer to payments that are overdue or unpaid after they were due, typically in the context of a financial obligation like rent, loan repayments or bills. When an individual falls behind on a particular payment, they accumulate arrears, which often result in penalties or interest.
How to Avoid Arrears
Budgeting: Create a budget to track income and expenses.
Set up Alerts: Create special alerts to notify you when payments are due.
Automate Payments: Utilize automatic withdrawals to ensure payments are made on time.