What is Arrears?

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

  1. Budgeting: Create a budget to track income and expenses.
  2. Set up Alerts: Create special alerts to notify you when payments are due.
  3. Automate Payments: Utilize automatic withdrawals to ensure payments are made on time.

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