Definition, Meaning & Synonyms
pay-down
verb
/peɪ daʊn/
Definition
Pay-down refers to the process of reducing or paying off a debt through regular payments.
Examples
- After a few months of hard work, they managed to pay down their credit card debt.
- He decided to pay down the mortgage faster to save on interest payments.
- Many people aim to pay down their loans before retirement.
Meaning
It signifies the act of decreasing an outstanding balance, typically of a loan or mortgage, over time by making consistent payments.
Synonyms
- reduce
- clear
- settle
- pay off
