pay down

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pay down

1. To provide a monetary deposit in exchange for something; to make a down payment. A noun or pronoun can be used between "pay" and "down." How much would I have to pay down for this car?
2. To pay small amounts of money over time to decrease a debt. A noun or pronoun can be used between "pay" and "down." I'm trying to pay down my credit card debt, but it's hard because my freelance jobs are so unpredictable.
See also: down, pay
Farlex Dictionary of Idioms. © 2015 Farlex, Inc, all rights reserved.

pay something down

 .
1. Lit. to make a deposit of money on a purchase. You will have to pay a lot of money down on a car that expensive. I only paid down a few thousand dollars.
2. Fig. to reduce a bill by paying part of it, usually periodically. I think I can pay the balance down by half in a few months. I will pay down the balance a little next month.
See also: down, pay
McGraw-Hill Dictionary of American Idioms and Phrasal Verbs. © 2002 by The McGraw-Hill Companies, Inc.
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References in classic literature ?
Briggs often goes out shopping for hours, or making calls, and then she pays down fair and honorable like a lady; there's no beating down or making three hours into two hours and a half, as some folks do; and it is easy work for the horses; not like tearing along to catch trains for people that are always a quarter of an hour too late; and if I don't oblige her in this matter it is very likely we shall lose them altogether.
M2 PHARMA-July 11, 2017-Valeant Pays Down USD 811m of Term Loans Following Sale of Dendreon Pharmaceuticals
David Engelman elaborates, “We want Americans to know that we can make their lives easier by matching smaller bill payments to their paydays in a way that pays down loans faster on a “set it and forget it plan.” To further understand how safe, easy, and helpful SMART Payment Plan is for our clients, check out our website at www.smartpaymentplan.com and read our client reviews."
historically pays down its debt by the end of the year, Champine said, adding that 2006 represented the first time in at least 10 years that the company was unable to pay down its debt.
rapidly pays down debt, Treasury officials must confront the question of establishing some benchmark for dollar-based reserves in the future.