Decrease one's difficulties? (7)

I believe the answer is:

ironout

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'difficulties?' is the definition.
I don't know anything about this answer so I can't judge whether it can be defined by this definition.

'decrease one's' is the wordplay.
'decrease' becomes 'iron' (de-crease: remove creases by ironing).
'one's' becomes 'out' (I can't justify this - if you can you should believe this answer much more).
'iron'+'out'='IRONOUT'

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I've seen this clue in The Irish Independent.

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