Debt Management

noun money that is owed and should have been paid earlier

adjective being in arrears, or behind in payment

• The tenant failed to pay the rent on time, resulting in arrears accumulating each month.
• My friend is in arrears with his phone bill and keeps getting reminders to pay up.
• I'm so broke right now, I'm drowning in arrears with all my bills.
• The company's lack of innovation put them in arrears with their competitors, causing them to fall behind in the market.

noun a regular payment made by a borrower to a creditor in order to repay a debt

• The government allocated a significant portion of the budget towards debt service payments.
• I have to make sure I budget enough for debt service each month.
• I'm drowning in debt service payments.
• Paying off my debt service feels like climbing a mountain.