After Effects script that lets you easily create handy text boxes with controls to easily modify text, padding and colors.
The script creates a text box for you with either the text you type yourself, the text of a text layer you have selected or some default text if none of the former options have been satisfied. The new comp's essential graphics have options to change the colors and the padding. Simply change the name of the layer to change the text.
The script will help you de-clutter timeline as the text box takes up only one layer. Furthermore it will de-clutter your project as you will only need one comp no matter how many variations you create in your timeline.
Watch my walk-through above to see how it works.