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What You Need to Know About Credit Counselors

Credit Counselor Definition Advise and educate individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explaining loan requirements or restrictions. May help develop debt management plans, advise on credit issues, or provide budget, mortgage, and bankruptcy counseling.

Credit Counselor Responsibilities

  • Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention.
  • Maintain or update records of client account activity, including financial transactions, counseling session notes, correspondence, document images, or client inquiries.
  • Advise clients or respond to inquiries about financial matters in person or via phone, email, Web site, or Internet chat.
  • Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.
  • Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or to set up payment plans.
  • Assess clients’ overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information.

Skills Needed to be a Credit Counselor

These are the skills Credit Counselors say are the most useful in their careers:

Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Writing: Communicating effectively in writing as appropriate for the needs of the audience.

Speaking: Talking to others to convey information effectively.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

  • Certified Credit Counselor
  • Financial Aid Assistant
  • Financial Aid Advisor
  • Branch Credit Counselor
  • Debt and Budget Counselor

Credit Counselor Job Outlook

In 2016, there was an estimated number of 38,300 jobs in the United States for Credit Counselors.

New jobs are being produced at a rate of 13.8% which is lower than average. The Bureau of Labor Statistics predicts 5,300 new jobs for Credit Counselors by 2026. The BLS estimates 3,800 yearly job openings in this field per year.

Forecasted Number of Jobs for Credit Counselors in U.S.

The states with the most job growth for Credit Counselors are Arizona, Florida, and California.

Watch out if you plan on working in Wyoming, Vermont, or West Virginia. These states have the worst job growth for this type of profession.

How Much Does a Credit Counselor Make?

The average yearly salary of a Credit Counselor ranges between $30,440 and $76,690. The median salary for this occupation is $45,180.

Salary Ranges for Credit Counselors

How much do Credit Counselors make in different U.S. states?

Annual Mean Salary by State
State Annual Mean Salary

District of Columbia

$77,690

New Jersey

$68,360

New York

$60,520

Rhode Island

$59,760

Massachusetts

$57,600

Connecticut

$57,500

Nevada

$56,510

Pennsylvania

$55,770

North Carolina

$54,400

Missouri

$53,250

California

$53,170

Delaware

$52,360

Georgia

$51,720

Ohio

$51,200

Minnesota

$51,190

Wyoming

$50,960

Virginia

$50,860

Arkansas

$49,770

Tennessee

$48,560

Michigan

$48,340

Alabama

$48,260

Washington

$48,230

Oregon

$48,090

Kansas

$47,910

Hawaii

$47,810

Maryland

$47,330

Illinois

$47,290

Texas

$46,160

Arizona

$45,880

New Hampshire

$45,850

Florida

$45,530

South Carolina

$45,320

Indiana

$45,030

Kentucky

$44,590

Montana

$44,540

Iowa

$43,690

North Dakota

$43,330

Mississippi

$42,660

Idaho

$42,490

Oklahoma

$42,290

Maine

$40,880

Wisconsin

$39,860

West Virginia

$38,910

South Dakota

$38,900

Utah

$38,070

New Mexico

$37,870

Louisiana

$36,840

What Tools & Technology do Credit Counselors Use?

Although they’re not necessarily needed for all jobs, the following technologies are used by many Credit Counselors:

  • Microsoft PowerPoint
  • Microsoft Access
  • Microsoft Outlook
  • Microsoft Office
  • Microsoft Excel
  • Microsoft Word
  • Oracle PeopleSoft
  • SAP

Who Employs Credit Counselors?

Credit Counselor Sectors

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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