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Week 27 ~
Pay Down Your Debts

Paying down your debt may help you get a head start on your goals. Here are some suggestions and strategies to consider a repayment plans that could help you pay your debt off faster.

How to Pay Down Your Debt Faster


Tips on how to be rid of your debt. 

Information is from Wells Fargo.


When eliminating your debt, keep an eye on your credit reports. Keeping credit accounts open, and pay the balances in full every month, this may help you maintain or increase your credit score.

Pay off your most expensive loan first.

Your most expensive loan is the loan with the highest interest rate. By paying it off first, you’re reducing the overall amount of interest you pay and decreasing your overall debt. Then, continue paying down debts with the next highest interest rates to save on your overall cost. This is sometimes referred to as the “avalanche method” of paying down debt.

Pay more than the minimum.

Pay off your debt and save on interest by paying more than the minimum every month. The key is to make extra payments consistently so you can pay off your loan more quickly. Some lenders allow you to make an extra payment each month specifying that each extra payment goes toward the principal. Before you begin, check the terms of your loan to determine whether additional fees or prepayment penalties may apply

Pay more than once a month.

Pay your credit card bills more than the required once per month. This may make it easier to stay on track of how much you owe. Paying your credit card bill regularly may also lower your balance/utilization ratio. The credit utilization ratio is the percentage of your total available credit that is currently being used. The utilization ratio is one of the components used by credit reporting agencies to calculate your credit score.


Use the Snowball method to pay off debt.

This involves starting with your smallest balance first, paying that off and then rolling that same payment towards the next smallest balance as you work your way up to the largest balance.  This method can help you build momentum as each balance is paid off. Understand the pros and cons of this debt pay down strategy by reviewing the Snowball versus Avalanche methods of paying down debt.

Keep track of bills and pay them in less time.

Stay on top of your debt by using bill reminders and Online Bill Pay. Simply schedule the amounts you want to pay and when you want to pay them. You can also set up payment reminders and receive eBills from payees offering electronic billing.

Shorten the length of your loan.

Refinancing your debt to a shorter term may help you pay it off faster and save on the total cost of borrowing. You may be able to qualify for a lower rate, or a shorter or longer loan term, depending on your situation. Remember, shortening the term of your loan could increase your monthly payments.

Consolidate multiple debts.

Loan consolidation may help you repay debt faster by combining several high-interest rate loans or credit card balances into one new loan ideally with a lower interest rate.


Here are some suggestions. Feel free to add to the list that suit the people you are planning for.

Food Storage Purchase
Cans of Soup 

Freeze Dried Soups

Dehydrated Soups


Extra Item Purchase
Various seasonings (Garlic, Pepper, Salt, etc)


Baking Soda

Baking Powder
Candles, light sticks, lantern flashlight, Headlamps

Batteries (AA, AAA, C, and D)


Family Preparation

Collect all bills and sort them by amount due. Create a coin collection jar. At the end of the year, deposit that amount to your savings account.

Skills and Drills

Pick your smallest debt and make an effort to pay it off. Apply any spare money to this goal.

When that bill is paid off, apply that same amount of the monthly bill that you just paid off to the next bill. Continue this process until you become debt free.

Save $27 as your budget allows. Save something.

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Disclaimer:  We at deCamp Outdoors are not scientists nor doctors. We are Preppers and Survivalists who share information based on research and studies as well as experience in the field of emergency preparedness. We strive to be 100% accurate, but if you see something that doesn’t look right, please send an email to deCamp Outdoors.  We participate in the Amazon Services, LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn funds by linking to and affiliated sites, at no cost to you. Videos, information and illustrations found on this website are for purposes based on the individual experiences of the presenter and or website/page dialog. Every situation is different and your results may differ. You should analyze the risks and research the information accordingly before proceeding to take action. We encourage you to read the Disclaimer tab above.


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