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A typical American household with credit card debt has an estimated $6,929 in money owed carried from one month to the next according to a NerdWallet’s annual analysis of U.S. household debt. This is the type of debt that comes with high interest rates and is difficult to pay off. If you cannot pay off your debts, a debt collector may either start legal proceedings against you or opt for arbitration. The agreement reached during arbitration may force you get a second job in order to pay off your credit card debt. Your hobby could be the second job you need to help you get debt relief.
Your hobby’s money making potential
One of the first things that will cross your mind is whether your hobby can help make you significant money. Search online and see how much other people sketching or drawing designs or making greeting cards or doing whatever your hobby is are making. If your hobby is drawing faces, ask yourself how many face portraits you can draw a day and what type of face portraits are likely to sell. You may be very talented but only a few people appreciate that talent. Your hobby money making gig must not interfere with your normal work routine.
Believe in yourself
You cannot turn your hobby into a money making activity if you do not have faith in your skills. Your customers need to be able to trust that you can do the job and do it right. Sometimes people who are really creative develop what is called impostor syndrome. This syndrome basically means you feel like you are an inadequate and incompetent failure. You may start feeling that the people who really like the products you make only tell you they are great because they are either family or friends. Have faith in your skills and your ability to make money off of those skills.
Use the internet
Go on websites like Craigslist.com to find people looking for the services you provide. You can also set up an ad for services on the same website. Don’t stop there, instead browse the internet to find blogs written by people who provide similar products or services you provide. Find out about the challenges they face and the new trends that can help you make more money through your hobby. Remember to start your own fun social media site that can help in lead generation, which will then act as a funnel to bring people to your website so that they can buy what you sell.
As you pay down your debt, decrease your expenses on entertainment, cable, clothes, utility bills and more. The money you save from this can then be added to the amount you save every month to pay off your loan. Remember to stick to the debt settlement plan that was agreed on during the arbitration process because agreements made in arbitration are legally binding.