They say that being a writer isn’t a lucrative job. There’s the impression of a struggling writer, pinching pennies and going from publisher to publisher in order to make ends meet. Thankfully, the digital age provides opportunities for new writers not just to make a humble living, but also to earn a full-time income and get out of credit card debt.
Interstate Associates, a well-known debt consolidation management company, believes that every writer deserves to be financially independent. Whether it’s through income-generating strategies or learning how to budget, there are several ways to get rid of credit card debt as a writer. In this post, we will learn about actionable strategies you can take to accomplish your financial goals as a writer.
Interstate Associates Discusses How to Get Out of Credit Card Debt as a Writer
Have a comprehensive list of all your credit card expenses.
Making a list of your credit card expenses can give you a realistic strategy of how to pay all of them off. The first step in doing this is dividing your expenses into two–the recurring expenses (e.g. bills, mortgage, etc.) and the one-time purchases.
After separating them into two, you need to calculate the total amount and develop a strategy from there. Some writers have the mindset that not knowing the total amount of debt will keep them from stressing out about the balance of their credit card. Although this will temporarily keep the debt out of your mind, it will catch up to you. It is best to list down all your expenses as the first step to your solution.
Find a debt consolidation management company.
The second step is to seek professional help for credit card debt especially if you’re already in a major financial crisis. Debt consolidation management companies such as Interstate Associates can help set up strategies that will help you pay your credit card balance under a more manageable set-up.
These combined payments will allow you to streamline the process of payment. This takes all the guesswork out of paying your credit card bills. A lot of writers have been using debt consolidation management companies to help them manage their credit card bills into a single and lower monthly payment.
Think about your expenses.
After finding a solution for your credit card debt, you need to think about prevention as the next best step. As a writer, what are some things which you can do without? Perhaps you’ve been eyeing the latest laptop, but you know your current laptop is still functional. Maybe it would be best to hold off those purchases as you pay off your debts.
Additionally, think about your monthly subscriptions and see which ones you are really using. Do you really need that monthly cable, or can you break the habit by reading free e-books instead? These simple ways to save can pay off greatly while making your way out of credit card debt.
Find ways to increase your income.
Another unique way to prevent credit card debt as a writer is to build your income. There are many ways to build your income online, particularly through freelance writing services and writing as a route to passive income.
You can offer your freelance writing services by setting up your portfolio and finding jobs at LinkedIn. You can also generate various streams of income as a writer by building a blog. When you build a blog and a lot of people view your posts, you can set up ads that will get you income per views and clicks. You can also sell your own e-books at Kindle Direct Publishing or similar websites.
These are just some of the great strategies you can try to get out of credit card debt. All it takes is a solid plan and commitment to saving, strategizing and earning more income as a writer
