Their path was unconventional, but it points to a truth that’s hard to dispute: Lowering expenses and increasing income leaves more money to tackle debt.
In this series, NerdWallet interviews people about their journey to tame debt. Responses have been edited for length and clarity.Karen Akpan lost her high-paying contract in clinical research in 2019. She and her husband, Sylvester, had no savings and made an estimated $50,000 gross annual income through their travel blog’s Instagram. But that income just wasn’t enough to cover their $4,300 monthly mortgage payments — or to put a dent in their six digits’ worth of debt.
“We literally used our last dime to buy an RV on Facebook FB, +2.26% Marketplace and fix it up,” Karen says. “It was a leap of faith. I just believed that everything would work out.” She’s partnered in this way with brands such as Nature Valley, National Geographic, Disney DIS, +2.03% Products, Affirm, AFRM, -2.97% Crate & Barrel, Circle K and Camping World CWH, +1.79%. The Akpans also brought in cash through YouTube and freelance writing, but about 80% of their income came through branded Instagram content.
While she was excited to pay off these loans, Karen also had misgivings — and still does. “I should have invested that money,” she says. The Akpans also try to travel internationally once a month, depending in part on the cheap tickets they can score. Their next big trip is to Kenya.
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