Honing a craft is a solitary activity. Excellence means many hours out of the spotlight, so that once you’re finally ready for prime-time, all of the finer points of the work are complete. To your audience it’s effortless; you’re a pro.

Unfortunately, this “solitary confinement” approach to excellence often clashes with successful money management. The government and business community are constantly revising rules that affect your ability to manage your money.

That’s precisely what happened late last month. A new credit card law went into place that has the potential to have a devastating effect on some artists.  I thought I’d give you my take on the rules and some ideas of how to respond, so that you aren’t surprised the next time you apply for credit.

Here’s the part of the ruling which could derail your planning:  you can no longer use spousal or overall household income to apply for credit.

What does this mean for artists?  If you’re working full-time (or near full-time) on your craft, your income may not yet be where you’d like it to be. First, you may be spending money that counts against your income, lowering the amount you can claim. Or, you may be still building skills to make money later. In either case, you may now find it difficult to secure credit in your name. (more…)