Derby Advisors Discusses How to Get Out of Credit Card Debt as a Blogger
The life of a blogger can be challenging financially. What blogging offers in freedom, it often lacks in financial security. Though it may take a bit more ingenuity to make it out of debt as a blogger, it isn’t impossible. Read on for five ways bloggers can eliminate debt.
1. Find Stable, Long-Term Clients
Full-time bloggers rely on their projects, collaborations, and clients to pay the bills. Without long-term clients, bloggers’ earnings are constantly in flux as they spend most of their time searching for the next project to keep them afloat financially. With no real stability, bloggers will have a hard time living comfortably and often never get around to paying their bills in full.
Avoid this negative cycle by putting your energy into finding long-term clients that pay consistently. Once you’ve created a reliable list of clients, you’ll be able to ensure that a portion of all of your earnings goes towards paying off your debt each month.
2. Increase Your Income
Many bloggers that are working to reduce their debt find that increasing their income is the single most effective strategy to do so. Start bringing in extra income by searching for higher-paying clients and finding extra gigs that will supplement your regular earnings. To make more money to cut down on debt, Derby Advisors recommends that bloggers tap into their niche and find ways to collaborate with brands in the same industry. For example, fashion bloggers should utilize their platforms to start earning more from collaborations with big-name fashion brands.
3. Stick to Your Budget
As a blogger, working for yourself makes it difficult to stick to a budget, especially during the months where you earn a bit more money than usual or life throws a curveball. However, it’s important to always follow a budget and put any windfalls or bonuses directly towards reducing debt. Though it may be tempting to overspend, the only way to beat debt is to actively work towards paying it off.
4. Consolidate Your Debt
Making steady payments towards your debt is helpful, but it may not be as effective as you hope. Experts like Derby Advisors suggest that debt consolidation is an effective way to eliminate debt. Through debt consolidation, you’ll be able to combine multiple debts into a single debt with lower interest. This way, all your efforts to reduce your debt can be made in one payment each month instead of multiple payments that may otherwise be missed.
5. Hold Yourself Accountable
As a blogger, you have a platform to share your life journey and struggles with others. Many bloggers find that openly talking about their journey to become debt-free in their blogs and on social media helps to keep them accountable at paying down their debt. With the encouragement from your readers and followers, you’ll be better equipped to tackle the task of reducing your debt.
If you’re a blogger that is at a loss for how to escape your debt, be sure to keep this guide in mind. With these five effective strategies, you’ll be able to make significant strides towards paying off all your debt
