All About Credit Counselors
Job Description & Duties 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.
Life As a Credit Counselor
- Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention.
- Teach courses or seminars on topics such as budgeting, managing personal finances, or financial literacy.
- Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
- Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or to set up payment plans.
- Recommend educational materials or resources to clients on matters such as financial planning, budgeting, or credit.
- Explain services or policies to clients, such as debt management program rules, the advantages and disadvantages of using services, or creditor concession policies.
What a Credit Counselor Should Know
Credit Counselors state the following job skills are important in their day-to-day work.
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.
Service Orientation: Actively looking for ways to help people.
Types of Credit Counselor
- Consumer Credit Counselor
- Credit Specialist
- Loan Representative
- Certified Credit Counselor
- Credit Counselor
Job Demand for Credit Counselors
In the United States, there were 38,300 jobs for Credit Counselor in 2016. New jobs are being produced at a rate of 13.8% which is above the national average. The Bureau of Labor Statistics predicts 5,300 new jobs for Credit Counselor by 2026. Due to new job openings and attrition, there will be an average of 3,800 job openings in this field each year.
The states with the most job growth for Credit Counselor are Utah, North Dakota, and Idaho. Watch out if you plan on working in Wyoming, Vermont, or Maine. These states have the worst job growth for this type of profession.
Salary for a Credit Counselor
The typical yearly salary for Credit Counselors is somewhere between $30,440 and $76,690.
Credit Counselors who work in District of Columbia, New Jersey, or Nevada, make the highest salaries.
How much do Credit Counselors make in different U.S. states?
|State||Annual Mean Salary|
|District of Columbia||$77,690|
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 Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Microsoft Access
- Email software
- Microsoft Dynamics
- Oracle PeopleSoft
- Freddie Mac Loan Prospector
- Chat software
How do I Become a Credit Counselor?
What education or degrees do I need to become a Credit Counselor?
How many years of work experience do I need?
Who Employs Credit Counselors?
The table below shows the approximate number of Credit Counselors employed by various industries.
Image Credit: Dave Dugdale via Creative Commons Attribution-Share Alike 2.0 Generic
More about our data sources and methodologies.
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